February 27, 2015 by admin

CM seeks Jaitley’s intervention

New Delhi, Fighting against time for the release of grants to the tune of Rs 282 crore by the Centre to Punjab, as recommended by the 13th Finance Commission, Chief Minister Parkash Singh Badal today urged Union Finance Minister Arun Jaitley to intervene forthwith in the matter.
During his meeting with Jaitley, Badal said the grants that were already overdue for release would lapse after March 31. The CM, who was accompanied by Deputy Chief Minister Sukhbir Singh, apprised Jaitley that the 13th Finance Commission treated Punjab as a fiscally stressed state. It recommended to the Centre to help it come out of the fiscal straight-jacket. He said the state continued to incur revenue deficit ranging from 1.2 to 3.5 per cent of the GSDP during 2004-05 to 2014-15, except I 2006-07.
The GSDP ratio of the state continued to be high at 32 per cent. The state spends 23 per cent of its revenue receipts on interest payments.