In a report prepared on the findings of the IHD and shared by Patiala-based forum Economists for Public Interest, Prof Lakhwinder said the increase in the states debt from Rs 1,009 crore in 1980-81 to Rs 3, 05, 361 crore in 2022-23, coupled with slow pace of development, heavy dependence on Agriculture-notes-for-state-psc-exams”>Agriculture and Industrial Sector, lack of public policy and evaluative institutions has impacted the economy.
He said the state, which stood at the first position in year 2000 in terms of per capita income, now ranks 10th. Its 4.7 per cent Growth rate of gross state domestic product (GSDP) during the period 2015-16 and 2022-23 shows that it has been growing at a slow pace. Consequently, the per capita income of Punjab is progressing slower than the national Average, he pointed out.
The states economy has over relied on agriculture. It urgently needs to harness new technologies. Punjab should focus on research and development (R&D) for a green industrial push, he said.