Punjab Stands To Lose Rs 50,000 Crore In Revenue Due To COVID-19: Amarinder SIngh
Preliminary estimates counsel activity losses within the vary of round 10 lakh, Amarinder Singh stated (Document)
Chandigarh:
Round 10 lakh jobs had been misplaced in Punjab and the state is about to lose Rs 50,000 crore this yr because of the coronavirus lockdown, Leader Minister Amarinder Singh stated on Sunday whilst hinting at some “difficult measures” to verify income era.
In an interview to PTI, Amarinder Singh stated the state used to be shedding Rs three,000 crore each month at the financial entrance.
The manager minister stated that with some professionals predicting the virus to top in July and August, Punjab is making ready “for the worst” and the huge inflow of migrants staff and the ones dwelling out of doors the rustic is rising as the best problem in managing the virus unfold.
“In April by myself, we misplaced 88 in keeping with cent of our estimated income because of the lockdown. As in keeping with fast estimates, we’re shedding Rs three,000 crore a month, and are taking a look at minimal Rs 50,000 crore in losses for the total yr,” Mr Singh stated.
As for the activity losses, he stated, “preliminary estimates counsel the determine to be within the vary of round 10 lakh, however readability will come handiest as soon as the COVID scenario begins stabilizing”.
Noting that the monetary scenario is “extraordinarily essential”, Mr Singh stated he has already requested all of the “non-essential” departments to chop down on bills and set up their prices judiciously.
“However, this is clearly no longer sufficient, so we can need to take some difficult choices,” he stated relating to recent taxation measures.
He stated deliberations are on and the state is mulling quite a lot of choices and can take a choice within the subsequent couple of days.
Mr Singh referred to as for an pressing financial package deal for the states, announcing with out a GST, excise accountability or VAT coming from transportation, all sources have dried up.
Punjab is seeing the placement worsening going ahead, except the centre steps in, the manager minister stated. The state has reported just about 2,000 coronavirus circumstances and 32 deaths to this point.
