Himachal Pradesh Economic Crisis: State Struggles to Pay Salaries and Pensions

Himachal Pradesh, one of India’s top tourist destinations, is currently grappling with a severe economic crisis. Government employees and pensioners in the state have not received their salaries and pensions even by the 2nd of September. According to media reports, the payments will only be made once the state receives a revenue deficit grant of ₹490 crore from the central government.

This unprecedented situation is the first time in the state’s history that salaries for government employees have been delayed beyond the first day of the month. Let’s explore the reasons behind this crisis.

The State’s Debt Burden

Himachal Pradesh is facing an economic crisis like never before. For the first time, 2 lakh employees and 1.5 lakh pensioners have not received their payments on time. The state’s financial situation has deteriorated significantly, with a staggering debt of around ₹94,000 crore. This overwhelming debt has severely strained the state’s finances, forcing the government to take new loans just to service the existing ones. The state requires approximately ₹10,000 crore monthly to cover the salaries and pensions of its employees and retirees.

Government’s Response

In response to the worsening financial situation, the state government has taken a bold step. Chief Minister Sukhvinder Singh Sukhu announced last Thursday that he, along with other ministers, the Chief Parliamentary Secretary, and Chairpersons of various Boards and Corporations, would forgo their salaries and allowances for two months. CM Sukhu explained that, given the state’s dire financial condition, they have decided to lead by example and suspend their own compensation for this period. He also urged the MLAs to consider making similar adjustments, asking them to defer their salaries and allowances if possible.

The Financial Shortfall

Reports indicate that Himachal Pradesh requires ₹2,000 crore each month to cover salaries and pensions, with ₹1,200 crore allocated for salaries and ₹800 crore for pensions. On the 6th of every month, the state typically receives a ₹520 crore revenue deficit grant from the central government. Additionally, tax and non-tax revenues are usually deposited around the 10th of the month. The state’s overdraft limit is set at approximately ₹750 crore, but this amount is insufficient to cover the monthly financial needs, which require ₹2,000 crore.

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