CHANDIGARH: There are no new faxes in the Punjab budget presented in the assembly last week by the finance minister Dr Kewal Krishan. He said it was the third consecutive budget of the Beant Singh government without any fresh taxes
The deficit would be offset by assistance from the Center and higher realization of the existing tariffs. He claimed that the revenue deficit had been brought down from Rs.776 crore Just years to Rs.406.39 crore.
The finance minister said the center had agreed to provide Rs.600 crore as a special term loan provided the state government raised additional resources of Rs.100 crore during the year the state government hoped to raise the additional funds through realization of tax revenue above the budget figures and a higher level of deposits under the small saving schemes
He said the government would progressively spend less on law and order enforcement with the return of normalcy the state would thus be saving about Rs 50 crore on the security forces. Already 100 companies of paramilitary forces had been withdrawn from the state he added.
The BJP members staged a walkout alleging that the budget was anti-farmer and did not touch the Dunkel proposals. Also it was anti-people and anti-employees for they had been given no relief they alleged.
The finance minister wanted them to hear the budget first but they continued to raise slogans and threw pamphlets Act his juncture the Spencer said the BJP members stood expelled for the day and directed the Marshall to throw them out. But the BJP members left on their own
The finance minister sought from the Center a tax holiday for the State on the pattern of some states like Jammu and Kashmir Himachal Pradesh and Assam for Its rapid economic growth.
Article extracted from this publication >> March 25, 1994
