Punjab Finance Minister bats for cooperative federalism, structural reforms

Chandigarh: Punjab Finance Minister Harpal Cheema on Tuesday stressed the importance of cooperative federalism and structural reforms by the Union government.

Speaking at the opening session of Punjab Vision: 2047 conclave organised by the World Punjabi Organization here, Cheema said the nation can only achieve its development goals for 2047, “if all states progress together on the path of growth trajectory”.

Cheema said India will celebrate 100 years of independence in 2047 and the government of India must devise solutions that ensure no state is left behind in this journey. He focused on reforms in Goods and Services Tax (GST), agriculture, environment and industrial policies, etc., while highlighting the significant revenue losses faced by states due to the current GST regime.

He pointed out that the GST system, being destination and consumer-based, has led to a substantial revenue loss for Punjab. He said after implementing the GST system, the state's purchase tax was subsumed in the GST, resulting in an estimated annual revenue loss of Rs 5,000-7,000 crore.

The Finance Minister praised the Punjab Vision: 2047 initiative, stating that the discussions and insights from the conclave would help draft policies ensuring the state's overall development.

He highlighted the Punjab government's proactive measures, including the industrial development policy, adventure tourism policy, water tourism policy, biofuels policy, etc., which were implemented to bring about the much-needed regulatory framework aimed at the promotion of these sectors.

In his speech, Member of Parliament Raghav Chadha outlined a roadmap for Punjab in 2047, marking the 100th anniversary of India's independence. He envisaged a future where Punjab emerges as a leader in sustainable agriculture, economic diversification, education, green energy, infrastructure, and social equality.

Earlier, Member of Parliament Vikramjit Singh Sahney set the tone for the conclave, emphasising its role as a catalyst for collaborative dialogue and in-depth discussions. He said this two-day conclave's objective is to create a platform where diverse perspectives converge to shape Punjab's future.

Panjab University Vice-Chancellor Renu Vig emphasised the pivotal role of educational institutions, particularly higher education, in driving the state’s development.

She also shed light on the pressing issue of young Punjabis migrating to other states or countries due to various factors.