Accusing the previous Parkash Singh Badal government of leaving behind a "financial mess", the Punjab government on Tuesday said it will bring out a white paper on the financial position of the state.

Addressing the first session of the 15th Assembly, Governor V P Singh Badnore said that the government is committed to restore the financial position of the state and once again put it on a high-growth trajectory despite the revenue deficit of Rs.13,484 crore and the fiscal deficit of Rs.26,801 crore.

Badnore, in his 34-minute speech said that the state failed to achieve the state excise and VAT revenue targets during the last five years (2012-2017). "During the last 10 years, the total debt of the state had increased from Rs.48,344 crore to Rs.1,82,537 crore at the end of 2016-2017.

The state government, during the years 2015-16 and 2016-17, borrowed Rs.15,632 Crore on behalf of the Punjab State Power Corporation Ltd (PSPCL) alone. In order to settle the gap in Cash Credit Limit (CCL) for food, the government had agreed to a term loan of Rs.31,000 crore which further burdened the state," he said.

The governor said that even the Atta Dal scheme (which provides highly subsidised foodgrains for the poor) and the Urban and Rural Missions were undertaken by borrowing huge amounts of money from commercial banks, mortgaging a large number of properties of the state.

"This mismanagement has saddled the government with huge liabilities in terms of non-payment of arrears of dearness allowances, salaries and non-payment of old age and other pensions and non-payment of power subsidy to the PSPCL," Badnore said. He further said that the government will take up the issue of term loan of Rs.31,000 crore with the Union government to help the state.

To prevent suicides by debt-ridden farmers, the government will enact a legislation to prohibit auction and sale of farmers’ lands by lending agencies.

“Spelling strict action against drug dealers, the government will pass the Confiscation of Drug Dealers Property Act besides setting up a special task force which will report directly to the chief minister for daily monitoring,” Badnore said.

“The government will ensure 30 per cent reservation for SCs in allotment of houses, and residential and commercial plots. The government will also provide 30 per cent reservation to women in government jobs.”