Punjab Cabinet gives nod to tabling of White Paper on state’s finance

Punjab Cabinet gives nod to tabling of White Paper on state’s finance

Punjab CM Bhagwant Mann. File photo

Tribune News Service

Chandigarh, June 24

The Punjab Cabinet led by CM Bhagwant Mann on Friday gave nod to tabling of a White Paper on state’s finances during the ongoing Budget session. A spokesperson said the White Paper was an attempt to simplify the complex issues being faced by the government and apprise the common man about the present situation inherited by from the previous dispensation.

It primarily contains four chapters, bringing out the historic patterns and present status of financial indicators, debt position and financial health of the state public sector undertakings. The White Paper will also comment on the possible way forward for the resurgence of fiscal health of the state.

Other key decisions

  • Amendment to Punjab Agricultural Produce Markets Act, 1961, for making provision to appoint administrators by superseding existing market committees
  • Creation of 810 postsfor subordinate courts, including 25 Additional District and Sessions Judge and 80 Civil Judge (Junior Division)-cum-Judicial Magistrate
  • Nod for amending Punjab Right to Business Rules, 2020, to facilitate expansion by industrial units

The Cabinet also cleared the tabling of the Budget estimates for 2022-23 in the ongoing session. The Budget proposals have incorporated all relevant fiscal indicators such as revenue receipts, capital receipts, revenue expenditure, capital expenditure, revenue deficit, fiscal deficit and outstanding debt.

Approval has been given to amend Section 12 of the Punjab Agricultural Produce Markets Act, 1961, for making provision to appoint administrators by superseding existing nominated market committees.

As per the decision, the government will appoint administrators in place of dissolved market committees, who will exercise powers and perform duties of market committees for one year or till the nomination of new market committees, whichever is earlier. At present, there are 156 market committees with nominated chairman, vice-chairman and members.

The Cabinet has also given nod to amend the Punjab Right to Business Rules, 2020, to include expansion by existing units under the purview of the Punjab Right to Business Act, 2020. To promote ease of doing business in the state, the Punjab Right to Business Act, 2020, was notified on February 6, 2020, and subsequently the Punjab Right to Business Rules, 2020, were notified on July 29, 2020. These were applicable to newly incorporated micro, small and medium enterprises in Punjab. But the amendment to the Act will provide an ecosystem for self-declaration, exemption, expedite approval and inspection for existing MSMEs for expanding and operating in the state.

The Cabinet allowed amendment to Section 4 in sub-section 2 for clause (a) of the Punjab Fiscal Responsibility and Budget Management Act, 2003. This will help in availing the benefit of net borrowing ceiling of 3.5% of the projected gross state domestic product.

#bhagwant mann

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