Chandigarh, July 23, 2024 (Yes Punjab News)
Punjab Finance Minister Harpal Singh Cheema has strongly criticized the Union Budget for FY 2024-25, presented by Finance Minister Nirmala Sitharaman, for neglecting the concerns of women, poor, and farmers. He also lamented that Punjab’s interests have been completely disregarded in the Budget.
In a press communique issued here, Finance Minister Harpal Singh Cheema highlighted the alarming consequences of slashing fertilizer subsidies in FY 2024-25. This drastic reduction will not only burden farmers of the nation but also adversely affect the Punjab economy, where agriculture is a vital sector.
“This move is particularly concerning given the Union Government’s proclaimed commitment to prioritizing farmers’ welfare and doubling their income. Moreover, the budget fails to provide a crucial Minimum Support Price (MSP) guarantee for farmers, further exacerbating their uncertainty”, he added.
Finance Minister Cheema expressed disappointment that the Budget fails to provide any additional, targeted support for Punjab’s farmers, who grapple with distinct challenges such as water management, crop diversification, and sustainability.
He noted that, despite Punjab’s susceptibility to flooding, the Budget neglects to allocate substantial, specific funds for flood management and irrigation projects that cater to the state’s unique requirements.
Finance Minister Cheema held the Union Government accountable for perpetuating financial disparities and regional imbalances. He said that the Punjab, already vulnerable to regional disparities due to the preferential treatment of neighboring hill states, has once again been subjected to discriminatory treatment by the Union Government.
“Unlike states like Bihar and Andhra Pradesh, which received additional financial packages, Punjab was denied any special financial assistance”, said Cheema and cautioned that this inequality could worsen regional imbalances and impede Punjab’s development trajectory.
Cheema condemned the Union Government for deliberately ignoring Punjab’s development needs, particularly in the tourism sector, where no projects have been allocated.
He also noted that the Budget favors the Eastern region, neglecting the Northwestern border states, including Punjab. “Moreover, the Union Government has failed to provide Punjab with any targeted support or extra funding for its SMEs, which are essential drivers of local employment and economic growth,” he added.
Cheema also exposed the anti-poor character of the Budget, highlighting the lack of relief from direct taxes for the common man.
He criticized the meagre relief offered to middle-class taxpayers through a modest increase in Standard Deduction from Rs 50,000 to Rs 75,000. He said that even the health of common man is ignored in this budget and there is only a minor increase in the national health budget.
Concluding his statement, Punjab Finance Minister Harpal Singh Cheema emphasized that the lack of dedicated funds would severely impede the state’s progress in critical areas, including agricultural development, industrial growth (particularly for MSMEs), and infrastructure expansion, while also compromising the rapid growth of health and education sectors in the state.
Drawing parallels with Delhi, Finance Minister Cheema said that Punjab’s urban local bodies are also vulnerable to challenges arising from inadequate central support for urban development initiatives.
