CAG asks Punjab to restrict borrowings
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Finding it difficult for Punjab to service rising debt liabilities in future, the Comptroller and Auditor General has asked the state government to restrict borrowings and further restrained it from using borrowed funds for paying past debts.
CAG has also asked the Punjab government to frame a "well thought out" debt repayment strategy for ensuring not to resort to additional borrowings during next three to seven years when the maturity amount of debt payment would be heavy.
The CAG report for the year 2009-10 was tabled here today in the Assembly.
Analyzing the debt position of the state government, CAG found that the state was leaving with meager resources for spending on development activities as interest payment of the debt was ballooning.
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