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Punjab proposes Rs 1.56-lakh-crore expansionary budget for FY23

The state has proposed a Rs 1.56 lakh crore budget for this financial year 2022-23, a growth of 14.2% from previous fiscal.

June 27, 2022 / 01:22 PM IST
Representative image

Representative image

The Punjab government has proposed an expansionary budget with focus on infrastructure, according to the budget speech on June 27.

The state has proposed a Rs 1.56 lakh crore budget for this financial year 2022-23, a growth of 14.2 percent from the previous fiscal. The state’s fiscal deficit has been pegged at 3.78 percent of the gross state domestic product for the fiscal year, while its effective outstanding debt to GSDP has been estimated at 45.23 percent.

“Today we stand at an inflection point, where fiscal wisdom calls for surplus revenue generation, especially when GST compensation shall end on 30th June,” Finance Minister Harpal Singh Cheema said in his budget speech.

“We have to moderate our revenue expenditure while elevating our capital expenditure and implement policies that would result in sustained GDP growth, leading to overall development of the State.”