True Scoop conducted an exclusive interview with Sardara Singh Johl who is an Indian agriculture economist, writer, and politician. He is a former director of the Central Board of Governors of the Reserve Bank of India. He is also a Padma Bhushan Awardee.
During our conversation, he clearly stated if the government will keep on giving free subsidies and taking the loan then that day is not far when Punjab will be beggared.
He said during the interview that if a state has a revenue surplus then the government should surely provide subsidies like 600 units of free electricity, waiving off loans, free bus service for women, etc. In his opinion, it is unreasonable to take loans from the Central government to provide free schemes to the people of the state.
"The newly formed government has taken a loan of Rs. 33,000 crores for the state and after this now the state has to pay back the total loan of Rs. 3,00,000 crores. To reimburse this loan and its interest, the government is taking more loans from the Central government. If this continues, then in no time Punjab will come under the dark clouds of debt," Mr. Johl shared.
“This policy of the government will not lead Punjab anywhere. It is the most horrific policy I have ever come across,” said Sardara Singh Johl.
He also mentioned that the newly formed government is trying to impose Delhi Model in Punjab as well. When the AAP government took power in Delhi, the revenue was in surplus then but, with passing years, they have also fallen into debt. Now, the same thing is taking place in Punjab.
In concluding remarks, he shared a suggestion that there is no harm in taking loans but, the loan should be used for Capital expenditure or Investment so that the state can earn some income through it.