Punjab most indebted state, borrowing is not the way forward: Sidhu

The Punjab Congress chief further said borrowing was not the way forward adding that the half of the state’s expenditure was funded by expensive debt.

In a series of tweets, Sidhu said, “Borrowing is not the way forward! Taxes should not go to settle debt but go back to people in the form of development. Solution-oriented model is to stop theft of state’s resources, fill up public exchequer and create a welfare State through income generation.”

The former cricketer said, “Today, Punjab is the most indebted state in India. Debt accounts for 50 per cent of the state GDP. Half of our expenditure is funded by expensive debt.” “Let’s not derail from real issues to which every Punjabi & party worker demands solution, because there’s #PunjabBeyond2022 #HaqiqatPunjabDi,” he said in a tweet.

He said financial accountability and transparency are the pillars of the Punjab model. “Accountability demands revealing sources of funds at every scheme announcement, whether from income or from more debt. Transparency demands making public state’s fiscal health every month,” he said in another tweet.

The outstanding debt of the state is likely to touch Rs 2.73 lakh crore by March-end next year.