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Punjab Cabinet clears way to borrow more money

The Cabinet also approved amendment in Section 4, in Sub-Section (2), for Clause (a) of the Punjab Fiscal Responsibility and Budget Management Act, 2003.

By: Express News Service | Chandigarh |
November 10, 2021 5:58:06 am
Punjab CM Charanjit Singh Channi

With populist schemes being announced by the Punjab government set to cost the state exchequer a lot, the Punjab Cabinet on Tuesday gave its nod to amend the Punjab Fiscal Responsibility and Budget Management Act, 2003 so that it can avail the benefit of Normal Net Borrowing Ceiling of 4 per cent of the projected GSDP in the Financial Year 2021-22, as allowed by the Government of India.

The Cabinet also approved amendment in Section 4, in Sub-Section (2), for Clause (a) of the Punjab Fiscal Responsibility and Budget Management Act, 2003.

This is an indication that the government will borrow more money to meet its expenditure.

The cheaper power to residents of the state is set to cost Rs 3,316 crore and the reduction in petrol and diesel prices will cost the state Rs 6,000 crore.

Finance Minister Manpreet Singh Badal had during Chief Minister Amarinder Singh’s regime stated that they were not enhancing the FRBM limit as they did not need to borrow more money.

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