Bringing loan to expend back mortgage, Punjab going having obligations pitfall: CAG

Bringing loan to expend back mortgage, Punjab going having obligations pitfall: CAG

Introducing the brand new records of comptroller and you will auditor general (CAG) getting 2014-15, dominant accountant general Jagbans Singh said Punjab’s revenue expenses (non-productive) was growing since investment cost (productive) had slowly refuted. (Karun Sharma/HT Photos)

Regardless of the tall says made by brand new Unfortunate-BJP bodies, the principal accountant standard showed an abysmal image of Punjab cash if you find yourself giving a noisy and you can obvious warning – the official try went to own a major personal debt trap given that half of your economic liability regarding whopping Rs step 1.12-lakh crore needs to be reduced within the next 7 many years.

Introducing three of your five reports of your own comptroller and you can auditor general (CAG) getting 2014-15, dominant accountant general Jagbans Singh told you Punjab’s money expense (non-productive) are rising as the funding cost (productive) got gradually denied. The guy said a corner of your cost are over towards the fees and you will servicing new hefty finance, leaving little or no money toward state to invest with the innovation affairs.

Other than the condition of new funds, the fresh new account create on the Tuesday in addition to discussed several cases of misappropriation from financing well worth crores of rupees, besides reflecting the fresh failing fiscal health of public business devices.

The newest CAG plus receive a primary mismatch involving the dollars borrowing from the bank limit (CCL) looked for from the government when compared to the stock from grains kept because of the state procurement organizations

The latest funds receipts grew within an annual mediocre speed off 8.27% during 2010-eleven in order to 2014-fifteen, whereas funds cost became on a yearly mediocre speed regarding 8.34%. The brand new money cost (non-productive) went on to form a dominant section (93 so you can 95%) of full expense during this time period. The increase into the funds invoices in the 2014-15 (Rs 4,one hundred thousand crore) was also mainly due to escalation in provides away from bodies out-of India.

The fresh cash costs (non-productive) increased by Rs 5,000 crore, whereas resource costs (productive) improved from the Rs 900 crore. The administrative centre expenses, not, was only 33% of your forecasts produced in the brand new financial consolidation roadmap.

The newest revenue deficit flower in order to Rs eight,600 crore out-of a shortage of Rs 5,three hundred crore this year-eleven. Government entities failed to support the revenue deficit contained in this maximum away from ‘zero for every cent’ prescribed regarding the fiscal integration roadmap.

The general public financial obligation risen to Rs step 1.12-lakh crore regarding Rs 75,000 crore this season-eleven. A primary part of borrowings is actually used to have installment of before borrowings (47 so you can 70%) and funds expenditure (20 to 39%). Just 8 so you’re able to 19% of one’s borrowings had been utilised for financing cost during the 2010-fifteen.

“In the event it practice goes on, Punjab wouldn’t be in a position to build a lot more cash to solution its financial obligation therefore could have zero solution however, to increase the latest borrowings every year to repay the borrowings regarding prior to many years,” states the fresh report.

Government must pay off eleven% of its loans between step one-three-years, 20% anywhere between step 3-five years and you may 19% between 5-seven decades. It means that state should pay off more than 50% of its obligations in the next eight years. “This really is a surprising position in addition to condition try supposed on a critical debt installment position, that’s referred to as debt trap,” alerts the brand new statement.

The guy said a corner of your own costs try over toward fees and you may servicing the newest hefty finance, leaving little currency getting invention activities

Although the loans-GSDP (disgusting county domestic product) proportion at thirty-two% try in address fixed (38.7%) in Fiscal Duty and you can Budget Management Act, the lent fund were generally utilized for redemption of previous expense. Up to 23% of your own cash invoices were used so you can solution the fresh new costs throughout the the current seasons.

The new Punjab bodies could have been indulging in a number of significant bluffing when you find yourself glossing across the levels of power tools and you will cereals procurement companies.

This new CAG declaration listed in the system towards Tuesday nights keeps revealed that when you’re membership of the an element of the efficiency and purchase audit of your own Punjab Condition Stamina Organization Minimal (PSPCL) and you will Punjab Condition Sign Corporation Limited (PSTCL) was indeed “refurbished” to appear best, the state procurement agencies exorbitant their a fantastic arrears by several hundred or so crores.

If you find yourself unbundling the newest Punjab State Power Board, Punjab got place a monetary load regarding Rs 25,100000 crore toward two the corporations–PSPCL and you will PSTCL–by-passing unfunded debts to her or him. Amazingly, the official government found so you can “refurbish the equilibrium sheet sets” because of the inflating its equity money about a couple of organizations because of the Rs step three,700 crore from the reflecting consumer benefits and you can gives and you may subsidies once the equity resource and you can and lso are-appreciated land possessions from Rs cuatro,900 crore whoever control wasn’t vested in the several successor organizations.

This new CAG declaration said the official procurement enterprises (SPAs) demonstrated Rs 16,350 crore since the recoverable, from which Rs 11,eight hundred crore was accredited while the skeptical. Additionally, there clearly was a good mismatch out-of Rs 21,100 crore within a good CC maximum and you can inventory regarding foodgrains kept by these businesses.

Test have a look at of one’s information of 281 organizations regarding conversion process tax/value added income tax, county excise, automobiles, services and products and you will individuals, tree receipts or any other departmental practices held of the CAG displayed around analysis/brief levy/loss of funds aggregating Rs dos,500 crore into the over 35,one hundred thousand circumstances. New divisions was able to get well only Rs crore.

Besides the state of new profit, brand new account put out into Saturday in addition to discussed numerous instances of misappropriation off financing really worth crores from rupees, along with highlighting the fresh new faltering fiscal fitness of your own personal markets products.

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