Punjab approves reforms to avail additional borrowing of 1.5% of GSDP

The additional borrowing would help state tide over the estimated 30 per cent revenue shortfall in 2020-21 fiscal

The Punjab cabinet on Wednesday approved reforms that would help it avail additional borrowing of 1.5 per cent of the gross state domestic product (GSDP) to tide over the estimated 30 per cent revenue shortfall in 2020-21 fiscal.

Punjab Chief Minister Amarinder Singh, who chaired the cabinet meeting, will chair a review meeting on May 30, a day before lockdown 4.0 ends, to decide on the government's future course of action in either lifting restrictions or further extending the lockdown.

In its letters to states sent on May 17, the Centre allowed additional borrowing limit of up to 2 per cent of