Chandigarh, Mar 11 (PTI) Punjab Finance Minister Harpal Singh Cheema on Wednesday said an expert committee led by the chief secretary is studying the fiscal impact of the old pension scheme.
Cheema was presenting a detailed summary of the work of the AAP government over the past four years during a debate on the state budget, which he presented on March 8.
“An expert committee led by the chief secretary is carefully studying the fiscal impact of the old pension scheme (OPS) to make a secure long-term decision. The committee is also examining the financial challenges faced by states such as Himachal Pradesh, Rajasthan and Chhattisgarh after implementing similar policies,” Cheema informed the House.
The AAP government has been under fire from the opposition for not yet implementing the old pension scheme for government employees.
The Punjab Assembly on Wednesday passed the state budget for 2026-27 following the conclusion of the debate on the budget estimates.
On the state budget, Cheema said guided by AAP national convener Arvind Kejriwal’s anti-corruption principles and Chief Minister Bhagwant Mann’s vision, the Punjab government’s zero-tolerance policy toward theft led to a record-breaking revenue growth.
Excise revenue increased from Rs 20,000 crore to Rs 53,000 crore, while goods and services tax collections doubled from Rs 61,000 crore to Rs 1,21,000 crore.
Referring to employment generation and the AAP government’s guarantees, Cheema said, “When our government took its first cabinet decision in 2022, we had promised to provide 30,000 government jobs. Today we have far exceeded that promise by delivering more than 63,000 government jobs to the youth of Punjab.
“This historic recruitment drive has helped curb the state’s brain drain and has created a positive environment for the younger generation.” Responding to opposition concerns on the state debt, he said, “Eighty-five per cent of the state’s current funds are being utilised to service the massive debt inherited from previous governments. Despite this burden, our government has successfully reduced the debt-to-GDP ratio from 48 per cent to 45 per cent and cleared inherited liabilities worth Rs 21,860 crore.” At the same time, he said, the state has strictly adhered to the limits set under the Fiscal Responsibility and Budget Management (FRBM) Act and has not resorted to excessive borrowing.
Short-term cash management has been handled efficiently through the sinking fund and guarantee redemption mechanisms, enabling the state to secure lower interest rates, he said.
Speaking about welfare measures, the finance minister said the government has successfully rolled out the financial assistance scheme for women, fulfilling all five major promises made to the people of Punjab.
Not a single rupee of sugarcane dues owed by the state government is pending. The outstanding Rs 27 crore belongs to a private mill in Phagwara and its properties have already been attached to ensure farmers receive their rightful payments, he said.
Responding to a suggestion from Independent MLA Rana Inder Partap Singh regarding a one-time settlement for farmers, Cheema said, “Chief Minister Bhagwant Mann is actively pursuing the amalgamation of loss-making banks with the Reserve Bank of India to facilitate such a settlement.” Replying to questions raised by MLA Barindermeet Singh Pahra regarding MLA Local Area Development funds, he said, “The MLA Local Area Development funds have been doubled from Rs 5 crore to Rs 10 crore per MLA, enabling elected representatives to bring forward comprehensive development proposals”.
There are certain guidelines for utilising these funds and MLAs should ensure that these guidelines are followed, he said. PTI CHS KSS KSS
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