The media has repeatedly brought to fore the pitiable financial condition of Punjab. The SAD-BJP has been running from pillar to post with a begging bowl, mortgaging govt. owned properties to different banks in order to tide over its day to day expenses.
It has been revealed today, that the govt. has mortgaged properties owned by PUDA as collateral security to the Canara Bank, to avail a loan of Rs. 500 crores. Similarly, another public sector bank has been approached by PUDA for securing an additional loan of Rs. 500 crores by mortgaging its properties. Besides these loans, the govt. has raised loans worth Rs. 1650 crore against its stock security from Punjab National Bank, State Bank of Patiala, Malwa Grameen Bank and the Punjab & Sind Bank. The SAD-BJP govt. has also availed a loan of Rs. 3500 crore during the current financial year, by auctioning its State Development loans. It is also learnt that three banks have refused to extend any loan till physical assets of the govt. are mortgaged. The banks have reportedly told the govt. that they are in no position to offer ‘consumption loans’ and that they can only offer productive loans for the infrastructural development of the state.
As we are aware, the SAD-BJP govt. is unable to pay salaries and pensions to its employees, that account for Rs. 1681 crore each month. Similarly, the govt. has failed to pay DA to its employees and the arrears of the 5th Pay Commission as well. Presently the govt. is an overdraft of Rs. 320 crore during the current financial year (the state can have overdrawal limit upto Rs. 360 crore for the entire financial year), where as the govt. has crossed only half the year.
Needless to mention, the govt. is also in a precarious financial position with a colossal debt of over Rs. 90,000 crores, which requires huge amount as interest to service this debit annually.
Despite such a critical, pitiable and horrific financial picture, the CM, Dy.CM and the FM are calling Punjab’s economy as sound and stable and on the contrary, are demanding a white paper on the national economy.
Therefore, the Congress takes to task Sh. Badal CM, for misleading, hoodwinking and lying to the people about not mortgaging any asset of PUDA for securing loans. Congress calls it blatant and white lies and dares the CM to convene a special session of the Vidhan Sabha, to discuss threadbare the crumbling economy of Punjab. In case he fails to accept the challenge, he should apologize to the electorate for making false and frivolous statements.