Punjab doing much better than some developed states: Sukhbir

Slamming the Centre,he said: “We have been shouting from rooftops that the Central government has been treating us in a step-motherly fashion. Here are the figures. In 1970-1975,when the Fifth Finance Commission gave its report,we had a share of 2.45 per cent in Central taxes. It has come down to 1.389 per cent in the 13th Finance Commission.”

He claimed that unlike most other states,Punjab would have been a revenue surplus state for the last three years had it not been burdened by the Pay Commission. “Punjab government pays the best salaries in India and we are overburdened with these. Because our economy has become robust over the years,we have not crashed even after the extra payment on account of the Pay Commission,” said Sukhbir.

Accompanied by Finance Minister Parminder Singh Dhindsa,Sukhbir said that unlike public perception,Punjab had never defaulted in the payment of salaries and pensions even once in the last seven years. “The last installment of arrears — worth Rs 1,035 crore — to 30 per cent of the employees will be paid by December,” he claimed.

“According to a Assocham report,Punjab has excelled in investment implementation and was only second to Haryana and Jammu and Kashmir… Punjab has also registered the third highest growth rate in VAT collection,” Sukhbir said.

“It is being said that Punjab is a hugely debt ridden state. Productive utilisation of debt is always not bad. It is essential for growth. No business grows without loan,no state grows without loan and no country grows without loan. The debt to GSDP ratio of Punjab has improved from 44.9 to 32 since 2002. India’s debt to GDP ratio is at a whopping 68.05,” he added. On the credit issue,Sukhbir said: “Ten corporate groups lead by Reliance ADA group together account for approximately 13 per cent of all banking loans. Going by this definition,these companies would all be as bankrupt as Punjab.”