162. The total Budget size for the year 2017-18 is `118237.90 crore. However the
effective Budget size is `90737.90 crore as the above figure contains a budget provision
of `27500 crore towards Ways and Means transactions for the current year. The total
Receipts are likely to be `105514.84 crore.

163. According to the Budget Estimates, the Fiscal Deficit for the year 2017-18 (BE) is
4.96{8c6d3f6704cdb4d22004dc79684d70f0271dd82fcfbe654786cb18f09b659ded} of GSDP is beyond the limit of 3{8c6d3f6704cdb4d22004dc79684d70f0271dd82fcfbe654786cb18f09b659ded} set in the FRBM Act, 2003. We have not been
able to contain the Fiscal Deficit at 3{8c6d3f6704cdb4d22004dc79684d70f0271dd82fcfbe654786cb18f09b659ded} of GSDP mainly due to the additional debt
servicing liability and the dilapidated finances that we have inherited. As of now the net
borrowing limit of the state has been fixed at `12819 crore, by RBI. This leaves a
funding gap of `10273 crore this year. This gap would need to be covered during the
course of the year through Additional Resource Mobilization (ARM) and control of
revenue expenditure. I would like to first see the impact of GST on the resources of the
state during the year before I suggest any Additional Resource Mobilization. I also hope
that with improved efficiency in tax compliance and administration and efficient delivery
of public services, we would be able to economize on the expenditure and thus close
the gap which is visible as of now.
Hon’ble Speaker Sir,
164.  The past has been depressing, but the future is bright. I say this with full
responsibility, and having had a broad overview of the Punjab since the past two
decades. We need to learn from the mistakes of the past, and tighten our belts in the
present, to look towards a positive future. The world is full of opportunities, and
globalization is bringing these opportunities right at our doorstep. If we continue to cling
to the past, it is a tough road ahead. On the other hand if we reinvent ourselves in tune
with the changing global realities, Punjabi dynamism and adaptability will ensure that we
will be the pioneers in embracing the future.
165. As the Nobel laureate Joseph Stiglitz said: “Development is about transforming
the lives of people, not just transforming economies”.

166. We need to focus not on the top 1 percent of the population but on the 99
percent of the population. To quote Joseph Stiglitz again:
“The top 1{8c6d3f6704cdb4d22004dc79684d70f0271dd82fcfbe654786cb18f09b659ded} have the best houses, the best education, the best doctors and the best
lifestyles, but there is one thing that money does not seem to have bought: an
understanding that their fate is bound up with how the other 99{8c6d3f6704cdb4d22004dc79684d70f0271dd82fcfbe654786cb18f09b659ded} live. Throughout
history, this is something that the top 1 percent eventually do learn. Too late”
Speaker Sir, My budget is dedicated to those 99 percent.
167. By dreaming, flowers do not bloom in the desert. Mere hopes do not result in
rivers of milk and honey. The road to prosperity is laden with sacrifice and hard work.
168. The deepest core of my heart is convinced and it is an affirmative witness to the
belief that that we can create a Punjab of our dreams provided we tackle the obstacles
and willfully confront our challenges.
169. The issues at hand are great, but not as great as our aspirations. The road is
tough, but not tougher than our resolve. The end of the road may be far, but we carry
the courage of our conviction.
170. I am confident of the blessings of the Almighty, and my heart and soul provide
me with the confidence to proclaim that as per the dreams of Shaheed-E-Azam Bhagat
Singh, India and Punjab are now about to enter a bright future, that poverty and scarcity
will be overcome, that progress and success herald a new day, and that the sacrifices of
my countrymen are about to bear fruition.

Koi Kabil Hai Toh Hum Shaney Kae Dette Hain,
Dhoodhney Wallon Ko Duniya Bhee Naein Dete Hain.
(If some deserves I raise him to great splendour,
And grant a new World to those with quest).

171.   friend and a leader of men. Without his unstinted support & guidance, I would not
be able to discharge my duties effectively and efficiently.
172. I thank you, Mr. Speaker sir and all the Hon’ble members of this august house for
their whole hearted support and co-operation.
173.  I must not conclude without a word of appreciation for the department of which I
am privileged to be incharge. Hard work is the lot of all in the Finance Department and
this has grown steadily in volume and complexity. It gladdens me to convey that the
task has been undertaken willingly and with singular devotion to duty by everyone from
the junior most of the office staff to all levels of seniority and has thus resulted in a high
standard of efficiency and accuracy. Principal Secretary, Finance Department,
Mr. Anirudh Tewari and Secretary Expenditure, Mr. Krishan Kumar, will always stand as
worthy of special mention in the long annals of the department and the other officers
who have given them their best. I must particularly express my indebtedness to our
Budget Officer and Staff, including Translators, whose labours are arduous and on
whose sincere discharge of their onerous tasks our success rests.
174.  On behalf of Government, I wish to record my tribute to valuable help received
from Principal Accountant General, Punjab. His standards have been rigorous, but I
trust that we will not fail to improve under his vigilant scrutiny.
175.  I very much hope that my proposals, while provoking a lively discussion and
drawing legitimate criticism of particular detail, will in their entirety meet with the
approval of this House. Sir, with these words, I commend the Budget Proposals for the
year 2017-18 to the August House for approval.

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