Punjab most indebted state, borrowing is not the way forward: Sidhu

Congressman Navjot Singh Sidhu on Monday called the Punjab the most indebted state in the country and stressed that taxes should not settle debts but should go back to the people in terms of development.

Punjab’s congressman further said borrowing was not the way forward, adding that half of the state’s spending was financed by expensive debt.

In a series of tweets, Sidhu said: “Borrowing is not the way forward! Taxes should not go to settle debts, but go back to people in terms of development. Solution-oriented model is to stop theft of state resources, fill up the public. Treasury and create a welfare state through income generation. ”

The former cricketer said: “Today, Punjab is the most indebted state in India. Debt accounts for 50 percent of the state’s GDP. Half of our spending is financed by expensive debt.” “Let us not derail from real problems that any Punjabi and party worker demands a solution to, for there is # PunjabBeyond2022 #HaqiqatPunjabDi,” he said in a tweet.

He said financial accountability and transparency are the pillars of the Punjab model. “Accountability requires revealing sources of funding with each scheme announcement, whether from income or from more debt. Transparency requires the public health’s fiscal health each month,” he said in another tweet.

The state’s outstanding debt is likely to touch Rs 2.73 lakh crore by the end of March next year.

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