Chandigarh: The Punjab govt has issued a notification to raise a fresh market loan of Rs 1,000 crore to finance its ongoing capital infrastructure projects and developmental schemes.The loan will be raised through the reissuance of State Govt Securities (SGS 2033), which carry a seven-year tenure and will mature on June 17, 2033, says the finance department’s July 10 notification. The electronic auction for the borrowing will be conducted by Reserve Bank of India (RBI) on July 14, with successful bidders expected to make payments by July 15. The parent security series carries a fixed interest rate of 7.55%. The notification says the consent of central govt has been obtained for the flotation of this loan as required by the Constitution, meaning the borrowing falls within the legal fiscal parameters set under the state’s permissible borrowing limits. This marks the third major market borrowing by Punjab following a Rs 1,000 crore loan in June and another Rs 1,500 crore on July 1, drawing sharp criticism from the opposition. SAD functionary Bikram Singh Majithia posted on X on Sunday, “Guru Dokhi (anti-Guru) Bhagwant’s new record. Not ‘Rangla Punjab’, but ‘debt-ridden Punjab’! Every child born in Punjab has been burdened with debt worth lakhs.” “No jobs for youth. No pending dues cleared for employees. But Punjab has certainly been put on EMI,” the former minister wrote, asking Mann if he was “chief minister or Punjab’s debt minister?” Punjab BJP also reacted sharply. State party president Kewal Singh Dhillon said the govt’s policies have transformed the dream of “Prosperous Punjab” into a “Kangal Punjab”. In a written statement, Dhillon said the notification “exposes finance minister Harpal Singh Cheema’s repeated claims of strong revenue growth. The AAP govt borrowed around Rs 24,000 crore in 2022-23, nearly Rs 28,000 crore in 2023-24, and Rs 34,201 crore in 2024-25. During 2025-26, it already borrowed over Rs 20,770 crore by Jan, while planning total borrowings of Rs 49,900 crore for the year. Now, yet another Rs 1,000 crore loan has been added.” Dhillon added, “Punjab’s outstanding debt has increased from about Rs 2.82 lakh crore in 2022 to around Rs 4.17 lakh crore, with projections indicating it could touch Rs 4.48 lakh crore by 2026-27.” MSID:: 132345183 413 |
