Quoting from the report, he has said that Punjab’s annual plan for 2009-10 had been limited by the Planning Commission to net market borrowing of Rs 6,538 crore and nil against small savings. But the state government raised open market borrowings (OMB) of Rs 4,985 crore besides a loan of Rs 1,567 crore against small savings during the current year, which is in excess of the Centre’s ceiling by Rs 361 crore.
He said the CAG had also criticised the SAD-BJP government for the poor quality of expenditure meaning thereby that development expenditure seemed to be low priority of the government. Similarly, low priority was given to the social sector mainly education and health services. The CAG report states that while other states spent 37.5 per cent on the social sector, Punjab merely spent 23.3 per cent.
While its spending on education stood at 12.9 per cent, the national average was 16.2 per cent. Punjab also fared poorly on capital expenditure (7.3 pc) which lead to asset creation, necessary for higher growth, Khaira stated.
The state had also violated the Fiscal Responsibility and Budget Management Act which stated that all loans and guarantees should be capped at 80 per cent of the total revenue receipts of the previous year, but in the case of Punjab, it was as high as 161 per cent of the revenue receipts.
He said the CAG had also criticised the SAD-BJP government for the poor quality of expenditure meaning thereby that development expenditure seemed to be low priority of the government. Similarly, low priority was given to the social sector mainly education and health services. The CAG report states that while other states spent 37.5 per cent on the social sector, Punjab merely spent 23.3 per cent.
While its spending on education stood at 12.9 per cent, the national average was 16.2 per cent. Punjab also fared poorly on capital expenditure (7.3 pc) which lead to asset creation, necessary for higher growth, Khaira stated.
The state had also violated the Fiscal Responsibility and Budget Management Act which stated that all loans and guarantees should be capped at 80 per cent of the total revenue receipts of the previous year, but in the case of Punjab, it was as high as 161 per cent of the revenue receipts.
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