Great Opportunity

      Once Punjab was most prosperous state of the country, then it had seen phase of terrorism in the decades of eighties and early nineties of twentieth century, happily it came out successfully from the trap of terrorism but unfortunately terrorism leaves negative mark on the economy of the state in the tune of seven hundred billion rupees massive debt which state is still repaying to the central government and last year it had paid twenty billion rupees as principle amount and sixty seven billion rupees as interest., which mean amount which can be utilize on to the projects of state’s development is draining out in repaying debt and without its fault. Certainly it is making huge impact on to the policies plus hampering development projects which can be funded by state itself, but funded through borrowing thus putting burden on the exchequer of state. In the past state government plenty of time requests to the central government to waive off the debt by presenting their side of story which become reason to take loan but it was never consider by central government to write off the amount, it seem that in near future Punjab state wont be able to come out from this debt trap.
      In the beginning of this month, news came through statement of Finance Minster of Punjab State Manpreet Singh Badal that Union Finance Minster Mr. Pranab Mukherjee has constitute a committee to reduce or write off the debt burden of different states including Punjab, and central government has offer to waive off almost fifty percent that is three hundred and thirty five billion rupees of state debt but with certain terms and they are not stringent that we cant accept it, like –

• End subsidy on Electricity in five years
• Impose property tax
• End state transport lose

and some other services under tax, so these are not tough measure which we cannot take but with this not only state’s fifty percent debt will be written off but also reduce burden on state government’s coffer of repaying principle and interest amount into half. As a economist Manpreet Badal consider this offer as best opportunity for state in recent time as far loan amount is concern, but his words not taken by his party and leaders especially deputy Chief Minister Sukhbir Badal in positive way and he even has given statement that from central government state has not receive any formal offer relating to waiving off fifty percent state debt. Despite being cousin and same institution student it will be interesting to note ultimately whose words become final, but there is no doubt if party consider this offer putting aside politically then state economy can benefited with offer and can come back on track of its prosperity times.
      Under less then one and half year left for state’s next assembly election and certainly in democracy any government will not show courage and dare to take risks of implementing anti public initiatives which can harm there vote bank and can cost heavily, but as this offer of waiving three hundred and thirty five billion rupees comes at crucial time and one has to wait who will be winner economist or politician and certainly it is store in the close fists of future which will open in very next coming days.