|
Punjab's rising public debt and an unhealthy debt-to-GDP ratio could become one of the state's key economic challenges ahead of the 2027 Vidhan Sabha elections, Congress MP and Member of the Parliamentary Standing Committee on Finance Manish Tiwari told ANI.
Tiwari said Punjab's debt-to-GDP ratio is about 55 per cent, which he described as a major concern, with the state's debt expected to reach Rs 4,47,000 crore as of March 31, 2027. "The debt-to-GDP ratio of a bulk of the Indian states is not very healthy. Unfortunately, Punjab comes right at the top with a debt-to-GDP ratio of about 55 per cent and Punjab has a debt of Rs 4,47,000 crores or will have a debt of Rs 4,47,000 crores as of 31st March, 2027," Tiwari said. He said the size of Punjab's public debt is one of five fundamental challenges facing the state, alongside problems related to agriculture, groundwater, employment and narco-terrorism. According to Tiwari, the state's debt situation needs greater attention as Punjab approaches the 2027 Assembly elections. He said the issue should form part of a wider discussion about the state's economic sustainability and its ability to address other structural problems. "The five fundamental challenges which are critical to Punjab are: number one, the size of its public debt- Rs 447,000 crores, a completely skewed debt-to-GDP ratio," he said. Tiwari said the debt challenge is closely linked to other problems facing Punjab, particularly the condition of its agriculture sector. He pointed out that 84 per cent of Punjab's farmers have between 2 and 5 acres of land and argued that agriculture is no longer sustainable as a standalone occupation despite the minimum support price. He also flagged the state's groundwater situation, saying Punjab's water table has declined by 30 to 40 metres over the last three decades. In some districts, particularly in southern Punjab, he said groundwater levels have reached 600-700 ft. Tiwari also raised concerns over employment opportunities for Punjab's youth, saying the lack of industry and skilling has contributed to a situation where IELTS, the English language test taken by young people seeking to go abroad, has become a major part of the state's economic landscape. "The biggest industry in Punjab, because of lack of industry, lack of skilling, has been IELTS- English language test that children take to go abroad," he said. He said rising barriers to entry in countries around the world could create a bigger employment challenge for Punjab's youth. Tiwari further identified narco-terrorism, which he said is colloquially referred to as gangsterism, as another major challenge for the state. He argued that these issues should receive greater attention as political parties prepare for the 2027 elections. Tiwari questioned whether the electoral contest should focus only on gaining political power or also involve serious discussion on Punjab's long-term economic and social challenges. "None of these five issues are figuring prominently in the public discourse of Punjab as it leads up to the Vidhan Sabha elections of 2027," he said. (ANI)
|
