Chandigarh: Punjab finance minister Harpal Singh Cheema on Tuesday claimed that during the four years of the Aam Aadmi Party (AAP) govt, Punjab emerged among the top 3 states in the country in revenue growth, with its own tax revenue rising from Rs 37,327 crore, which was 6.39% of the gross state domestic product in 2021-22, to Rs 57,919 crore, accounting for 7.15% of the gross state domestic product in 2024-25.Cheema claimed that excise revenue increased by 86.77% in less than 4 years. “During the 5-year tenure of the SAD-BJP govt, total excise collection was Rs 20,545 crore, with an annual average of Rs 4,109 crore. The subsequent Congress govt collected Rs 27,395 crore over 5 years, averaging Rs 5,479 crore annually. In stark contrast, the AAP govt already amassed Rs 37,975 crore up to January 2026, achieving an annual average of Rs 9,907 crore. Furthermore, excise revenue in 2021-22 under the Congress regime was Rs 6,157 crore, whereas it is expected to reach Rs 11,500 crore in the financial year 2025-26. As a percentage of the state’s gross state domestic product, excise revenue grew from 1.05% in 2021-22 to 1.28% in 2024-25,” he said.Highlighting performance under the GST (goods and services tax) regime, Cheema said, “The previous Congress administration relied heavily on GST compensation and failed to take concrete steps to broaden the tax base. Their 5-year total stood at Rs 61,286 crore, averaging Rs 12,257 crore annually.”He further stated, “The AAP govt collected Rs 83,739 crore up to January 2026, pushing the annual average to Rs 21,845 crore. State GST revenue, which was Rs 15,542 crore in 2021-22, is projected to surpass Rs 26,500 crore in 2025-26. Despite the rationalisation under GST 2.0, the state recorded 70.50% growth in its GST revenue.”Cheema claimed that revenue from stamp duty also witnessed a historic rise. He claimed, “During the Congress tenure 2017-22, stamp duty collections saw an increase of less than 1 percent compared to the preceding Akali Dal govt 2012-17. The SAD-BJP govt collected a total of Rs 12,387 crore, averaging Rs 2,477 crore annually, while the Congress managed only Rs 12,469 crore, averaging Rs 2,494 crore annually.” He added, “Conversely, the AAP administration generated Rs 19,515 crore by January 2026, with an annual average of Rs 5,091 crore. This indicates that in just 4 years, the AAP govt collected 60 percent more stamp duty than the 5-year terms of previous govts. At this accelerated pace, the revenue is expected to double the Congress era’s total by the 2026-27 financial year.” Cheema said Punjab recorded a historic boost in capital expenditure. “Over 5 years, the SAD-BJP govt spent Rs 14,641 crore, and the Congress govt spent Rs 19,356 crore on capital expenditure. The AAP govt is going to spend Rs 31,630 crore.”Highlighting the inherited debt burden, minister Harpal Singh Cheema asserted, “The AAP govt received a legacy debt of approximately Rs 3,00,000 crore. Because of this massive historical burden, 35 percent of all new loans taken are utilised simply to clear the liabilities left by previous govts. Another 50 percent of the debt goes towards paying interest on older loans. Consequently, less than 15 percent of the borrowed funds are actually available for the AAP govt to use for the state.” Despite these constraints, he said the govt reduced the Debt-to-Gross State Domestic Product ratio from 48.25% to 44.47%. Cheema said, “The AAP govt allocated Rs 7,000 to Rs 8,000 crore for implementing the Pay Commission and clearing Rs 14,191 crore in Pay Commission arrears pending from 2016 to 2021. Furthermore, Rs 2,566 crore was spent to bail out financially distressed state entities like PUNSUP, Land Mortgage Bank, PSIDC, and the Mandi Board.”MSID: 128972006 413 |
