Punjab in debt of Rs 52,000 cr: FM

PATIALA: Punjab Finance Minister Lal Singh said the state had a debt of Rs 52,000 crore of which Rs 37,000 crore was the principal amount and this had falsified claims made by former Chief Minister Parkash Singh Badal that the then Finance Minister Indra Kumar Gujral had written off the debt.
Speaking to newsmen here, Singh said the State Government was incurring a daily expenditure of Rs 17 crore by way of staff salary in addition to Rs 10 crore daily instalment of interest on loans.
The Finance Minister said the Government led by Amarinder Singh had negotiated with the Reserve Bank the matter of transfer of some of its debts from the high cost to the low cost category.
The RBI had, so far, agreed to transfer Rs 1000 crore debt to low cost category, while attempts were on to have another Rs 1400 crore debttransferred to this category during the curent financial year, he said.
The Minister said the Punjab Government had sought Rs 5000 crore long term loan for development works from the World Bank.
The State Government had made available Rs 110 crore to village panchayats for developmental works during the current year.
He said that the Government had also released Rs 116 crore for pension scheme under different categories.