Chandigarh: Punjab leader of opposition Partap Singh Bajwa questioned Greater Mohali Area Development Authority’s (GMADA) proposed Rs 15,000 crore loan, asking why Punjab needed to borrow such a large amount and why nearly Rs 192 crore was reportedly proposed as a fee to a private company facilitating the borrowing.“If GMADA or the Punjab govt needs Rs 15,000 crore, the people of Punjab have a right to know why. And if the govt can arrange a Rs 15,000 crore loan, why should a private company be paid nearly Rs 192 crore merely for facilitating it?” Bajwa asked.He said if the reported annual interest burden was around Rs 1,200 crore, interest over 20 years could total Rs 24,000 crore, leaving the Rs 15,000 crore principal payable separately. This could take the overall liability to around Rs 39,000 crore, excluding the reported fee and other costs.Bajwa said Punjab was already heavily indebted and demanded disclosure of the loan’s purpose, particularly whether it was linked to GMADA’s land-pooling policy.“Are we borrowing Rs 15,000 crore to develop land? If so, whose land is being developed, whose money is being borrowed and who will ultimately benefit?” he asked.He demanded that the Mann govt disclose the loan terms, interest rate, repayment schedule, security or guarantees, intermediary selection process, Rs 192 crore fee and utilisation plan.
