Punjab Chief Minister had written a letter to finance minister for financial help under GST. He had asked the Centre to release GST Compensation worth RS.2088 Croreas well as deferment of instalments of Industrial and Crop loans by the Commercial Banks due to the outbreak of COVID-19. In a letter written to Finance Minister, the captain had also suggested that the Government of India may raise the borrowing limit of States under the FRBM Act from 3% to 4%. the Chief Minister has proposed doubling of the component of 25% funds under Centrally-Sponsored Schemes that can be used as flexi funds for State specific needs, including for mitigation/restoration activities in case of natural calamities as per Ministry of Finance O.M. of 6th September 2016. The component of 25% flexi funds may be raised to 50% and also be fully funded (100%) by Government of India as a one-time measure in 2020-21, he proposed.
