Punjab’s budget priorities are misplaced as the borrowings from the Centre have not only gone up but are also being spent on non-development heads, due to which the debt is accumulating.
This was stated by experts during a panel discussion on ‘Punjab’s Progress: 1966 onwards’, organised here today by the Post-Graduate Department of Economics, Sri Guru Gobind Singh College (SGGS), Sector 26.
The panellists were Prof Sucha Singh Gill and Prof RS Ghuman from the Centre for Research in Rural and Industrial Development (CRRID), Chandigarh; Prof BS Ghuman from Panjab University, Chandigarh; Dr MA Beg from Delhi University; and Prof DK Madaan from Punjabi University, Patiala.
They discussed the state’s growth scenario, highlighting the macro-economic variables of growth and equity and agriculture-spurred industrial development, besides the potential of international trade through the Attari-Wagah border.
The economists observed that Punjab started well and was able to maintain a growth rate of more than 5 per cent up to 1992-93, when the per capita income was nearly double than that of the rest of India. However, the downturn started when the state’s status changed from “revenue-surplus” to “revenue-deficit” due to economic, social and political reasons.
28 Jan 2021
29 Jan 2021