Punjab staring at Rs 50,000 crore loss this year, mulling tax options: Amarinder Singh

Punjab is staring at a "minimum loss" of Rs 50,000 crore this year due to ongoing COVID -19 lockdown, and Chief Minister Amarinder Singh has hinted at some "tough decisions" on taxation for revenue generation.

In an interview to PTI, Singh said initial estimates suggest job losses in range of 10 lakh in state, which was losing Rs 3,000 crore every month on ecomic front.

CM said with some experts predicting a peak in coronavirus pandemic in July and August, Punjab was preparing itself "for worst", with massive influx of migrants and Indian returnees from abro emerging as top disease manment challenge.

"In April alone, we lost 88 per cent of our estimated revenue due to lockdown. As per quick estimates, we are losing Rs 3,000 crore a month, and are looking at Rs 50,000 crore minimum in losses for full year," CM told PTI.

ting that financial situation is "extremely critical", Singh said he has alrey asked all 'n-essential' departments to cut down on expenses and man ir costs judiciously.

"But, that is obviously t eugh, so we will have to take some tough decisions," he said referring to fresh taxation measures.

He said discussions are in progress and state is mulling various options and will take a decision in next couple of days.

Singh called for an urgent ecomic pack for states, saying with GST, excise duty or VAT coming from transportation, all resources have dried up.

Punjab is seeing situation worsening going forward, unless Centre steps in, chief minister said.

"I don't kw why y have t anunced a relief pack or revenue grant for states so far. We need funds to man t just our routine expenses but huge challenge of COVID from medical and humanitarian point of view. We need money immediately but it has t been forthcoming so far," he said.

A day after Punjab extended coronavirus lockdown till May 31 with some curfew relaxations, chief minister said state was preparing for worst with some experts predicting a peak in July/August, even stretching to September.

ting that re is direct correlation between curfew relaxations and spurt in cases, CM said "biggest challenge right w is large influx of people from or states and outside India".

"Till May 22, 10 flights are expected to bring in Punjabis, and total number, as per MEA estimates, is 20,000," he said, ding that while originating state is expected to test migrants for coronavirus before sending m out, "we don't really kw how dependable that is".

"As we saw in case of Nanded pilgrims, when Maharashtra government failed to do necessary testing. That is true even for NRIs coming from various countries," CM said.

He said state has to make extensive arrangements for quarantining and testing all of returnees, putting a huge pressure on limited resources.

chief minister attributed recent surge in cases to large number of people coming from outside.

"We h original spike when NRIs came initially, in February-March, and second wave came with Tabligi Jamaat.

"Things were settling down when we again saw an increase in cases due to those returning from Nanded and Rajasthan, including pilgrims, migrants and students.

"And w we are staring at ar huge spike with all those NRIs and Punjabi migrants from or states coming back to our state," he said.

Punjab has reported nearly 2,000 coronavirus cases and 32 deaths. PTI SKC RT