Cheema defends Punjab's Rs 8,500cr loan plan, cites legacy debt & RBI limits
2
Chandigarh: Reacting to criticism of the AAP govt by the opposition for its plans to raise a loan of Rs 8,500 crore in the second quarter from July to September, finance minister Harpal Singh Cheema on Tuesday said that the state govt planned to borrow funds to meet the redemption obligations of over Rs 3,500 crore for legacy debt.
He added that the loan was within the borrowing limits sanctioned by the
Reserve Bank of India
(RBI) and the projections made in the state budget 2025-26.
"The opposition party leaders don't understand economics. Even their household budgets are made by their wives. From the US to our neighbouring Haryana, state economies borrow funds. However, it is being done within the prescribed limits and continuous attempts are being made to bring down the outstanding debt.
The RBI has now allowed us to raise loans over the next three months," said Cheema, on the sidelines of a press conference on growth in goods and sales tax (GST) collections.
"I had given the quarterly projections of the state's borrowings in the budget presented in March. The entire details were shared in the vidhan sabha. The AAP govt has improved its financial health and that is why the RBI has been approving the borrowing limits well in advance," he added.
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The market borrowings to be undertaken by the state govt have been approved by the RBI. The cash-strapped govt would raise a loan of Rs 2,000 crore in July, Rs 3,000 crore in Aug, and Rs 3,500 crore in Sept.
Replying to a media query, Cheema said that the state has to make interest payments of Rs 25,000 crore and principal payments of Rs 18,200 crore on legacy debt availed by the previous SAD-BJP and Congress regimes in FY 2025-26, while planning to borrow Rs 49,900 crore, despite Rs 13,000 crore in deductions by the Centre.
He added that the state govt planned to borrow Rs 8,500 crore to meet the redemption obligations of over Rs 3,500 crore for legacy debt in the second quarter of the current financial year alone.
"Punjab's fiscal management is on a strong footing, with the state govt taking proactive steps to manage its debt obligations. He highlighted that the Punjab govt recently invested Rs 1,000 crore each in the guarantee redemption fund (GRF) and consolidated sinking fund (CSF), with the latter now exceeding Rs 10,000 crore, a significant increase from Rs 3,000 crore when the current government took office," he added.
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