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"Budget will only please World Bank'

By Our Staff Correspondent

CHANDIGARH MARCH 26. The former Finance Minister of Punjab and general secretary of Shiromani Akali Dal, Kanwaljit Singh, has accused the State Government of presenting a budget to please the World Bank, even as the debt burden had mounted without bringing about any development of significance.

Capt. Kanwaljit Singh was participating in the debate on the Budget estimates presented in the Assembly by the Finance Minister, Lal Singh, on January 24. He said instead of elaborating on the structural changes required to strengthen the economy, the Finance Minister quoted a pat from the World Bank for imposing a fresh dose of heavy taxes.

Coming down heavily on the State Government, Kanwaljit Singh, said the dictates of the World Bank were being accepted with an eye of a Rs. 5000 crore loan, while there was no specific indication from the international financial institution. He condemned that the theme of the budget rested on massive increase in user charges, unfettered privatisation, heavy dose of taxes, major increase in tariff on power supply and opening the doors of the farm sector to big companies.

Capt. Kanwaljit Singh pointed out that levies proposed by the government, through its budget, indicated a total burden of Rs 3404.60 crores on the common man. He said the Congress government had set aside a meagre Rs 35.77 crores for the welfare of Scheduled Castes and Backward Classes, who constituted 31 per cent of the State's population.

Reacting to the Congress charge that the previous Akali government was responsible for the debt burden on the State, the former finance minister said the present Government had raised the liability by Rs 10,000 crores in just two years.

He said the second consecutive budget by Lal Singh was silent on the commitments made by the Congress party in election manifesto.

Kanwaljit Singh said the announcement of abolition of octroi was a misnomer as the introduction of Local Area Development Tax (LADT) would mean an additional levy of Rs 400 crores for the urban population, which was already reeling under economic difficulties.

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