Home Debt Relief Karnataka


by Stacey Santos

The Punjab government on January 30 sought a unique debt relief package from the fifteenth Finance Commission to revive the country’s financial fitness. It also found a one-time package deal to pay the total debt of the state’s distressed farmers.

At an assembly of the fifteenth Finance Commission right here, led through its Chairman N K Singh, Chief Minister Amarinder Singh also raised worries over the lack of revenue to the kingdom after the GST rollout. He additionally stated the compensation for the loss from the Centre would also give up from July 1, 2022, ensuing in a drastic fall in revenue inside the range of Rs 10,000-12,000 crore in step with annum.

Karnataka 2

Given this, the leader minister (CM) advised the Commission “to endorse a graded repayment tapering system to the Centre for states like Punjab, beyond June 30, 2022, so that they no longer fall off the cliff” in line with a legit launch.

Underlined the need for a unique package for Punjab, he highlighted the nation-unique troubles, including the best Scheduled Caste population in percentage terms, lengthy and thickly populated border with Pakistan, riverine and sub-mountainous regions, and flight of enterprise due to concessions to the neighboring states.

While submitting a formal memorandum to the Commission, the leader minister said Punjab had the best ‘interest bills-to-overall sales receipts’ and ‘exceptional debt-to-gross kingdom home product’ ratios, the discharge delivered. The package, he stated, may be supplied underneath the Centre’s Debt Relief Scheme, linking it to the states’ financial conditions as formerly performed by using the successive Finance Commissions.

With a debt of Rs 2.10 lakh crore, Punjab was a sales deficit country, he stated, at the same time as including that the preceding Finance Commission had left out the country from revenue deficit grant states. However, it changed into covered using the 12th Finance Commission, in line with the discharge. Urging for a one-time debt waiver for farmers, the CM said that as the national authorities have already introduced a package deal of Rs 8,000 crore for over 10 lakh small and marginal farmers, there’s a want for a comprehensive package and help from the Centre.

He also asked the Commission to provide a fee deficiency help of Rs 12,350 crore and Rs three hundred crores, respectively, in maize and cane manufacturing, intending to raise allied activities within the farm zone. Referring to the Rs 31,000-crore “Food Account” which the erstwhile Akali authorities had taken over in its final days rather than adjusting it among the country and Centre, the CM stated the critical authorities “have to take over the debtor Punjab must receive a matching sales deficit furnish to offset the dedicated annual interest fee legal responsibility of Rs 3,240 crore”.

Mooting growth in devolution to states to allow extra flexibility to use price range for relevant Centrally subsidized schemes, the CM also sought an increase in Punjab’s share in devolution from 1.5 percentage to 2 percent same had been reduced from 2. Forty-five percent to 1. Fifty-seven percent in the past 40 years. He additionally sought a Rs 12,000-crore provide for whole water cycle control in rural and urban areas to cope with the vital water scenario in the state.

The CM also requested the Commission to offer Rs 500 crore for a river cleaning program and another Rs 3,682 crore for flood water improvement by river augmentation via afforestation. Referring to drug abuse, the CM stated Punjab stocks its border with Pakistan, which itself become nicely connected with one in all international’s most significant opium-generating regions that allow narcotics to enter the nation greater effortlessly than other elements of India. He delivered that the drug epidemic in Punjab had a robust correlation with growing unemployment among youth.

“Punjab has a high youth unemployment fee at 16.60 percent compared to the countrywide common of 10.20 in line with cent due to a slowdown in agricultural productivity, lack of industrialization, mismatch among academic qualifications, etc.,” stated the release. He requested the Commission to offer Rs three hundred crores for increasing and strengthening clinics to rehabilitate sufferers of drug abuse. Further, the Punjab leader minister advised the Commission to provide Rs 5,500 crore and Rs 6,719 crore to its power infrastructure and avenue infrastructure, respectively. He also sought Rs a hundred crore to bolster the cancer infrastructure and Rs 505 crore to offer sewerage centers inside the state.

related posts