Punjab to seek Rs 51,102 Cr Fiscal Stimulus from Centre to overcome COVID-19 Crisis

The Punjab Government has decided to seek a Fiscal Stimulus of Rs. 51,102 Cr from the Government of India to overcome economic crisis amid COVID-19 and the prolonged lockdown.

In addition to a direct fiscal stimulus of Rs. 21,500 crore, the state government plans to seek waiver of the long-term CCL debt as imperative for the fiscal recovery of the state government.

Chief Minister Capt. Amarinder Singh chaired a meeting of Council of Ministers on Wednesday to approve a draft memorandum to this effect. The Chief Minister was also authorized by the Cabinet to make necessary amendments to the draft memorandum before submitting it to the Government of India.

The memorandum seeks Rs 5,068 crore for liquid and solid waste management in the villages, in addition to upward revision of capital outlay and targets under MGNREGA.

An assistance of Rs 12,560 crore has been sought for the agriculture and farming sector, mainly for upgradation of farm gate infrastructure, providing income support, interest subvention, etc., with further assistance of Rs 1,161 crore for the animal husbandry and dairy sector.

The state government is proposing a National Urban Employment Guarantee Act (NUEGA) to guarantee employment in urban areas, along with an additional capital outlay of Rs 2,302 crore under Schemes like AMRUT, Smart City, PMAY etc., with certain relaxations which is in addition to a grant of Rs 1,137 crore on account of revenue loss.

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