CHANDIGARH: The Punjab cabinet on Friday gave nod for tabling a white paper on the state's finances and the budget estimates for 2022-23 during the budget session of the legislative assembly. The move is aimed at simplifying the issues being faced by the Punjab government and to apprise the common man of the present situation inherited by the incumbent government.
Nod to tabling of white paper on state finances
The Punjab cabinet on Friday gave nod for tabling a white paper on the state's finances and the budget estimates for 2022-23 during the budget session of the legislative assembly.
The move is aimed at simplifying the issues being faced by the Punjab government and to apprise the common man of the present situation inherited by the incumbent government. The white paper will comprise four parts: historic patterns and present status of financial indicators, debt position and financial health of the state's public sector undertakings (PSUs). It will also include the possible way forward for boosting the state's fiscal health.
The budget estimates have been prepared after consulting all stakeholders, including citizens and others who gave their suggestions through emails, letters and direct communication, said a government spokesperson.
The ministers also gave a green signal to amend Section 4 in Sub section 2 for clause (a) of the Punjab Fiscal Responsibility and Budget Management Act, 2003. This will help in availing the benefit of normal net borrowing ceiling of 3.5% of the projected gross state domestic product (GSDP), extra borrowing ceiling equivalent to contribution under National Pension Scheme (NPS), carrying forward its unutilised borrowing out of the borrowing ceiling allowed for the previous years and availing 50-year interest-free loan under scheme for special assistance to states for capital investment for 2022-23 during the current fiscal.
The cabinet also cleared tabling of CAG audit reports for 2018-19, 2019-20 and 2020-21 as well as various performance audit reports of state government departments in the assembly.
