Panjab asks State Depts to Return Funds, Launches ‘Industrial Revolution’

Facing an acute shortage of funds, Panjab Finance Department has asked at least a dozen state government departments to deposit funds available with them into the state treasury. According to an official—who did not want to be named—the govt wants to manage borrowings. The orders issued by Principal Secretary Finance Krishan Kumar says, 'In reference to the discussions held during the meeting on 5 Jun, it is requested the funds be deposited in state treasury under the govt public accounts, major head of the Panjab State Development Fund.' In May, the Panjab govt had sought approval for borrowing USD 4.1B for the first nine months of the ongoing financial year (April-December), but the union govt had allowed USD only 2.5B. Another official said, 'This is to make best use of the funds available. The Finance Department is making efforts so that the govt can come out of the cycle of overdraft which it has practiced since 2012-13.' Meanwhile, on 10 Jun, Panjab Chief Minister Bhagwant Singh Mann and Aam Aadmi Party chief Arvind Kejriwal unveiled 12 new initiatives designed to revolutionize industrial growth in the state under the banner Punjab Udyog Kranti (Industrial Revolution). Under the new system, the state has implemented a deemed approval system which has a time limit of 45 days. If no decision is taken by the designated authority within the notified timeline, the Fast-track Punjab portal will automatically generate an approval the next day, which holds the same legal validity as a regular clearance. Panjab has also launched Easy Registry and Record of Land Rights websites. Mann said, ‘Every year, nearly 4M people visit their land revenue officer to obtain land record copies. Now, there is no need to visit them, stand in queues, or pay bribes for getting land records. People can simply enter their details and get a copy of the records for free. This will be digitally signed and have a QR code that anyone can scan to verify the land record.’