Punjab budget gives fuel relief! Petrol prices cut by Rs 5, diesel down by Rs 1

Punjab Budget 2019-20: In a welcome move, Punjab government on Monday reduced petrol and diesel prices from midnight as it slashed value added tax (VAT) on fuel selling in the state in the budget. After the revision, price of petrol in Punjab stands reduced by Rs 5 per litre and diesel by Rs 1 per litre post the cut. On Monday, State Finance Minister Manpreet Singh Badal presented the state budget for FY20 with a total outlay of Rs 1,58,493 crore with no new taxes.

The budget was primarily focussed on agriculture, health, education and rural and urban infrastructure and proposed hikes in the range of 9-36 per cent in the allocation of funds for these sectors. The total outstanding debt of the state has been projected at Rs 2,29,612 crore for 2019-20 as against Rs 2,12,276 crore for 2018-19 (revised estimates).

The state finance minister projected the revenue deficit and fiscal deficit at Rs 11,687 crore (2.02 per cent of GSDP) and Rs 19,658 crore (3.40 per cent of GSDP) for the 2019-20.

During the budget speech, the finance minister said that the state government is drafting a new policy ‘Make in Punjab’ with an aim to promote goods manufactured and produced in the state.

He also proposed an allocation off Rs 3,000 crore for the year 2019-20 in the budget.

Meanwhile, the petrol prices rose for the fifth straight day across four metro cities in the country today while diesel became costlier as well. The rates of petrol in all the metro cities surged by 15-16 paise a litre while diesel became costlier by 13-14 paise.

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