Punjab CM Amarinder Singh to review state's fiscal health on monthly basis

Punjab Chief Minister Amarinder Singh will undertake monthly review of fiscal situation of state for more efficient manment of resources.

decision was taken at a Cabinet meeting here in view of 21 per cent decline in state's revenue receipts for first quarter of current fiscal and with financial support forthcoming from Government of India, an official release said.

During meeting, chief minister agreed to Finance Minister Manpreet Singh Bal's suggestion to draw short-term financial plans on quarterly basis in view of critical situation on account of COVID-19 outbreak and prolonged lockdown, it said.

Bal warned that faced with its own revenue shortfall, Government of India is likely to pull back finances even furr from states in coming quarter. funds expected from Centre in first quarter h t come, thus leaving state government struggling to cope, he said.

Expressing concern over situation, Amarinder said he will hold monthly review meetings to take stock of fiscal state of Punjab, taking into account routine expenses, such as salaries, power subsidies, social welfare pensions, among ors.

Earlier, highlighting grim fiscal situation of state, Principal Secretary Finance K A P Sinha said that as of June 30, share of central taxes for Punjab h gone down by 32 per cent.

grant-in-aid from Centre for March-June period showed an increase of 38 per cent, but that was mainly on account of Goods and Services Tax receipt of Rs 3,070 crore received in April, which included Rs 2,366.46 crore against pending arrears for financial year 2019-20.

While state's own tax revenue fell by 51 per cent, first quarter decline in state's n-tax revenue stood at 68 per cent, Sinha informed Cabinet, ding that more prudent measures would need to be taken to survive current crisis.

Cabinet also reviewed COVID-19 situation in state, with chief minister appealing to all to be extra cautious in view of increasing number of cases.

state government's expert health visor, K K Talwar, said next four weeks are critical and every individual would have to take full precautions for ir own safety as well as of ors.

(Photo Credit: PTI)