‘Resolution’ against parties making false poll promises in Cong session

Stating that as he has presented three budgets and seen at least 35 in his political life,Lal Singh said the 2013-14 budget shows the state is already neck deep in fiscal doom. “At over Rs 1 lakh crore,our outstanding debt is higher than the budget size. The debt as on March 31,1997,when the Parkash Singh Badal government came to power was Rs 15,344 crore. It rose to Rs 32,496 crore in 2002 when they demitted office. In five years between 2002 to 2007,the Congress regime added only Rs 15,000 crore more debts while in the next six years of SAD-BJP government,it has reached over Rs 1 lakh crore. They could not execute the Rs 14,000-crore annual plan this year,how do they intend to fund the Rs 16,123 plan the next year,” Lal Singh said.

Claiming that the budget hides more than it reveals,Lal Singh said there is no mention of the outstanding debt of PSUs in the budget documents. “Of the 31 working PSUs,half are running in losses. No PSU can take loan without government standing guarantee. This cumulative outstanding debt will touch Rs 79,592 crore in March 2013. Whichever PSU goes into the red,the government will have to bail it out. The CAG stipulates that guarantees should not exceed 80% of revenue receipts. In case of Punjab,guarantees constitute 160% of the revenue receipts,” he said.