Punjab has always been one of the most prosperous states in India and was at the forefront of the green revolution. Unfortunately, over the last few years, the state has slipped behind many states in various economic and social aspects. In a freewheeling interaction with The Dollar Business, Captain Amarinder Singh, who took over as Chief Minister of Punjab in March 2017, for the second time, discusses how his government plans to revive the economy and turnaround the state’s future.
TDB: After being elected as the Chief Minister of Punjab, in March 2017, you claimed to have inherited a bankrupt state from your predecessor. How challenging was the situation?
Captain Amarinder Singh (AS): During the Shiromani Akali Dal-Bharatiya Janata Party (SAD-BJP) rule, the industrial environment of the state had changed completely and the state’s economy was in shambles. The state’s finances were completely mismanaged, and that had resulted in a huge deficit. Our unpaid liabilities reached Rs.13,039 crore. What’s more? Our debt had gone up to Rs.1,82,183 crore when we came back in power in 2017 – compared to Rs.51,155 crore in 2007 when we demitted office. In fact, the SAD government violated the Fiscal Responsibility Act by raising Rs.51,000 crore, six months before their term in government ended.
TDB: Keeping in mind the state’s deficit, what changes would you like to introduce in the industrial policy?
AS: The policy formulation is under process. Our aim is to ensure a level playing field for all industries and promote ease of doing business in the state. We aim to attract investment of Rs.5 lakh crore into the state within the next five years and increase the share of the secondary sector in the Gross State Domestic Product (GSDP) to 30% from the current 24%. We also aim to create large-scale employment opportunities for our youth, ensure availability of skilled manpower, build institutional capacity and enhance institutional linkages to bring synergy between state and central schemes.
TDB: How do you plan to attract the investment of Rs.5 lakh crore?
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