Punjab Budget is merely replication of previous budgets of SAD-BJP governments

(BY BADISH JINDAL)

Once again Punjab Government failed to please the industry with its Budget Proposals rater we strongly condemn the new tax proposals of the state government.

Just in his second budget the finance minister proved that he is not fit for such as post as he proposed the increase in non taxable income from 5096 crores to 10229 crores which is next to possible.

Secondly without giving any additional facilities the net expenditure of the state government increased from 71182 crores to 86351 crores. Whereas in 2016-17 it was 58163 crores.
So the congress increased the expenditure of more than 28000 crores just in two years that too without giving any additional facility to the public or industry.

In 61 page speech of finance minister only a half page given to industry which shows the importance of industry for the state government.

The whole budget is merely a replication of previous budgets of SAD-BJP governments those forced the 18000 industries to close down in last 6 years.

Once again 87% of budget expenditure incurred on routine expenditures and merely 13% expenditure made on development funds.

The Punjab may face the scarcity of funds for its projects as Punjab government proposed for getting loans for 24870 crores against the sanctioned limit of 15545 crores.

With these proposals the net loan of Punjab will increase from 195978 crores to 211523 crores,

We strongly oppose the imposition of new tax of Rs.2400 a year to the tax payers. We will start a protest against this if government forced to collect any such tax from the tax payers.

The power subsidy of 1400 is useless for the industry as during last year government increased the tariff by 9.33% beside this the state government increased 10% with the new reading of meters with KVAH factors. In the month of October state government imposed 2% municipal cess and last week again imposed 2% development cess so the total increase during last year is 23.33%.

The government made the whole industry fool and imposed two part tariff that increased the bills to 10% to 40% .

Whereas this total subsidy announcement of 1400 crore is less than 10% of the total power cost of the industries of Punjab. So in a way as compared to SAD-BJP tenure the power tariff will be around 20% more even after subsidy.

Such a shameful announcement for the infrastructure development with 10 crores for whole of Punjab.

For the skill development of Punjab the budget allocation is merely 10 crores which seems like making fund of such schemes.

In his budget speech finance minister informed about industrial policy 2017 but forget to inform that still the subsidies of more than 3000 crores pending of 2012 and 1998 industrial policies.

Looking at all these factors and for ignoring industry we strongly condemn this budget.

(The Author is president of Federation of Punjab Small Industries Association)