Punjab FM on Cooperative Federalism, Structural Reforms for 2047

Chandigarh, Nov 12 (PTI) Punjab Finance Minister Harpal Singh Cheema on Tuesday stressed the importance of cooperative federalism and structural reforms by the Union government, stating that the nation can only achieve its development goals for 2047 if all states progress together on the path of growth trajectory.

Cheema was addressing a conclave -- Punjab Vision: 2047 -- organised by the World Punjabi Organization at Panjab University here, according to an official release.

Cheema said that India will celebrate 100 years of independence in 2047 and the central government must devise solutions to ensure that no state is left behind in this journey.

He focused on reforms in goods and services tax, agriculture, environment and industrial policies, among others, 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 added that after implementing the GST system, the state's purchase tax was subsumed into the GST, resulting in an estimated annual revenue loss of Rs 5,000 to Rs 7,000 crore.

The minister praised the 'Punjab Vision: 2047' initiative, stating that the discussions and insights from the conclave would help draft policies to ensure 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.

Reflecting on Punjab's historical contributions, Cheema mentioned the state's pivotal role during the Green Revolution and the establishment of the agricultural university in 1962, which significantly boosted the country's grain reserves.

He also acknowledged the setbacks faced during the challenging period post-1980 but expressed optimism about the state's current development trajectory under the Aam Aadmi Party's governance.

In his speech, AAP MP Raghav Chadha outlined a visionary 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.