Tribune News Service
Chandigarh, June 8
Chief Minister Capt Amarinder Singh on Monday directed all departments to further rationalise their expenses in order to ensure no shortage of funds for fighting the pandemic at all costs.
The capital expenditure in essential sectors will be retained at Rs 5,000 crore, notwithstanding the economic crisis being faced by the state.
With studies and reports from around the world presenting a grim picture on the Covid outlook, the projections were not good, the CM said at a videoconference meeting of the Empowered Committee of Cabinet on Fiscal Management.
The CM said the capital expenditure in essential sectors such as health, education and infrastructure would be retained at Rs 5,000 crore, notwithstanding the economic crisis being faced by the state, which was expecting a shortfall of nearly 30 per cent in the total revenue receipts in FY 2020-21 on account of the Covid and lockdown effect.
Reviewing the economic situation of the state amid the unprecedented crisis, the Chief Minister said the focus of his government was on ensuring that salaries and pensions continue to be paid on time along with power subsidy to the PSPCL. In spite of its strained finances, the state had successfully paid all grants to Local Bodies and PRIs, ensuring they do not face problems in disbursement of salaries, the Chief Minister said. He said up to date releases had been made for medical bills, POL bills and all other SOE expenditure, as well for the successful rollover to the new IFMS.
To help the state tide over the critical economic situation, the CM underlined the need for fast-paced industrial revival. The focus should be on attracting more investments, particularly from industries and businesses seeking to shift out of China in the wake of the pandemic, he said.
from The Tribune https://ift.tt/2MIWgSd
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