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Punjab Finance Minister Manpreet Badal presented the state budget in the assembly. Shunning populism after 15 years, the Punjab Government has come up with new revenue proposals — a development tax on income tax payers and levy for social security as the state continues to stare at burgeoning deficits. The budget's key focus areas remained agriculture and farmer welfare, industry, health, employees and students. With Punjab earning Rs 73,812 crore as revenue and spending Rs 86,351 crore, the revenue deficit has been pegged at Rs 12,539 crore. Also, Punjab's debt is set to swell to Rs 2,11,523 crore by March 2019.
New taxes Punjab Development Tax: a "nominal development tax" at the rate of Rs 200 per month only on the Income Tax payees who are engaged in professions, trades, callings and employments, under which government is hoping to garner Rs 150 crore annually. Many of the progressive states like Maharashtra, Gujarat, Karnataka, Andhra Pradesh and Tamil Nadu have been collecting such tax for development for a long time.
The fresh taxes have been proposed for additional resource mobilisation (ARM) to meet the resource gap (between income and expenditure). A new levy was proposed to fund social security pensions amounting to Rs l,235 crore.
Highlights: • Rs 124 crore to strengthen law and order machinery • The budget has revenue deficit of Rs 12,539 crore • Rs 1,235 crore set aside for welfare schemes • Government is setting up Mahila Shakti Kendras, to provide interface for rural women to approach the government for availing their entitlements • 740 villages to be covered under solid waste management scheme in 2018-19 • According to the demand of Panjab University, the state government to give Rs 42.62 crore in next fiscal, up from Rs 33 crore for this year. Budgetary allocations for all universities increased by 6 per cent over previous year’s allocations • Rs 25 crore for promotion of Punjabi language • Free wi-fi in all 48 government colleges by July 2018 • A skill university at Chamkaur Sahib to be set up and a new scheme for skill training--Punjab Naujawan Hunar Vikas Yojana—announced • Health outlay for 2018-19--Rs 4,015 crore, an increase of 13 per cent over this year. New hospitals to be set up at Doraha in Ludhiana and Ghanour in Patiala • Rs 20 crore set aside for setting up trauma centres on important highways • A state cancer institute at Amritsar and tertiary cancer care centre at Fazilka at a cost of Rs 84 crore • Two new medical colleges to be set up • One park each to be developed in 16 towns having population of over one lakh • Rs 8,950 crore set aside for power subsidy to farmers, SC, BC and BPL families • FM says they are examining 100 MW solar power plant at ash dykes area of the now closed-down Guru Nanak Dev Thermal plant, Bathinda • Rs 100 crore for new judicial complexes at Mohali, Ferozepur, Patti, Bathinda, Ludhiana, Nawanshahr, Baba Bakala and Mukerian • 16 new bus stands to be set up in PPP mode at Amritsar, Barnala, Batala, Bathinda and other towns • Several schemes for relining of canals. Budgetary allocation of Rs 167 crore made for this • Special lift irrigation system at Rs 46 crore to boost agriculture at Anandpur Sahib • A development tax at Rs 200 per month imposed on all income tax payees of the state • A social security legislation to be brought in to create a dedicated fund to pay social security pensions • Rationalisation of non tax revenue promised by the FM, though he admits that there will be an unfunded resource gap of Rs 4,175 crore • Free textbooks will be provided to all students from Class 1 to 12, in government schools. A sum of Rs 49 crore has been provisioned for this • Smart schools in each educational block. Rs 50 crore to be provided for this • Punjab to develop tourism circuits--spiritual circuit, maharaja circuit and Mughal circuit at a cost of Rs 10 crore • 40 per cent increase in allocation for agriculture sector. Rs 14,734 crore allocated for this sector • Rs 4,250 crore allocated for the Crop Loan Waiver Scheme • Small cold stores (15 mt capacity) to be set up at Kapurthala and at Hoshiarpur (30 MT capacity). Rs 180 crore allocated for sugarcane growers to buy the cane for 2018-19 crushing season • Centre for Excellence in Shooting Range at Muktsar and Mohali to be set up • For industry, modernisation of infrastructure in existing focal points at Rs 10 crore. Punjab to develop Chandigarh-Ludhiana-Amritsar and Chandigarh-Hoshiarpur-Gurdaspur urban industrial corridors • Rs 100 crore for the 550th birth anniversary celebration of Guru Nanak
By: Dr. Vivek Rana ProfileResourcesReport error
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