Chandigarh, September 9
That Punjab’s finances are in good shape is evident from the fact that the state has never defaulted on payment of wages to its employees, held back pensions or missed out on repayment of principal amounts and interest on loans taken by the state. 

Deputy Chief Minister Sukhbir Singh Badal made these observations while dispelling “unfounded facts” about the state of Punjab’s economy at a press conference today.

The state is not cash starved as it has increased in terms of gross domestic product, revenue, VAT and excise receipts and motor vehicle receipts.

Figures of the Ministry of Statistics and Programme Implementation (Statistical Abstract of Punjab) showed that the per capita income of the state had increased from Rs 33,395 in 2002-2003 to Rs 1,05,459 in 2012-2013 . The national per capita income during the same period was Rs 22,142 and Rs 77,748, respectively, he said.

“Debt is not bad economics. Even the economies of Japan, Singapore and the US are under heavy debt. Debt is a catalyst for growth, global experience has shown that,” the Deputy Chief Minister said.