Once upon a time, before the 2022 Punjab Assembly election, Arvind Kejriwal and Bhagwant Mann had a wonderful financial recipe for Punjab.The recipe was simple: stop corruption, stop illegal mining, recover the money, create new revenue sources—and Punjab will have enough money to run the state without continuously borrowing.It sounded so easy that Punjabis might have wondered why nobody had thought of it before.Kejriwal and Mann essentially told Punjab: “The money is already here. It is just hiding somewhere.”
And Punjab replied: “Great! Find it.”
Four years later, Punjab is still waiting for the treasure hunt to end.
The ₹20,000-crore question
One of the biggest promises was that mining could generate enormous revenue for Punjab. The figure of around ₹20,000 crore annually was projected during the political campaign.That was not pocket change.₹20,000 crore could build roads, hospitals, schools, irrigation projects and much more.But there is a small problem with the story.The ₹20,000-crore treasure has apparently gone missing.
Quote of the day:
“Before 2022: We will find the money.
After 2022: We are still finding the money.”
Punjab’s mining revenue may have increased substantially, and the government has highlighted collections of hundreds of crores. But Punjabis have every right to ask:
Where did the promised ₹20,000 crore go?
Perhaps it took a wrong turn at the sand mine.And then came the ₹34,000-crore magic trick.The second promise was even more impressive.The argument was that corruption, leakages and waste were costing Punjab tens of thousands of crores—and that eliminating these leakages could save roughly ₹34,000 crore.Imagine that.₹34,000 crore saved every year.
If that money had actually been saved, Punjab’s Finance Department might have needed a new problem:
“Where should we keep all this money?”
Unfortunately, the Finance Department appears to have encountered a different problem:
“Where should we borrow the next ₹2,000 crore?”
And that is where the satire writes itself.“AAP promised to close the hole in Punjab’s pocket.
The hole apparently got bigger—but the pocket got a new loan.”
The loan officer must be the busiest person in Punjab
Punjab has continued to borrow money, while successive governments have continued to defend their financial decisions.Of course, borrowing by itself is not a crime.Governments borrow.States borrow.Countries borrow.Even ordinary families borrow when they need to buy a house or make a major investment.But there is a difference between borrowing for productive investment and borrowing because the government’s recurring expenses are larger than its sustainable revenues.And this is where Punjabis deserve answers.
Because before the election the message was:
“We will generate money.”
After the election the question became:
“How much can we borrow?”
“The election promise was ‘No problem, we will find the money.’The post-election strategy became ‘No problem, we will find the lender.’”
The Great Punjab Money Mystery
Let us imagine a fictional meeting inside the Punjab government.
Official: “Sir, we need money.”
Leader: “Don’t worry. We have new revenue sources.”
Official: “Excellent. How much?”
Leader: “A lot.”
Official: “How much exactly?”
Leader: “Enough to win an election.”
Official: “But how much actually came into the treasury?”
Silence.
Official: “Sir?”
Another silence.
Loan officer: “Should I prepare the papers?”
And somewhere in the background, the Punjab taxpayer whispers:
“I knew this meeting was coming.”
The arithmetic that Punjabis want to see
This is not merely about political speeches anymore.Punjab needs a simple balance sheet.If the government said mining could generate ₹20,000 crore, show the actual yearly collection.If it said corruption and leakages could save ₹34,000 crore, show the actual savings.If illegal mining was stopped, show the before-and-after revenue figures.If corruption was eliminated, show how much money was recovered.If Punjab’s finances improved, show the numbers.And if they did not improve, explain why.Because slogans cannot be deposited in the treasury.Promises don’t pay interest.And press conferences don’t repay loans.
The “Punjab Model” needs a calculator
For years, Punjab has been hearing about different models of governance.But Punjab may now need a completely different model:
The Calculator Model.
Take:
Revenue + Savings + Central Assistance – Expenditure – Interest – Debt = Punjab’s real financial position.No slogans.No political poetry.No blame game.Just numbers.Because the people who voted for change in 2022 did not vote for a government that would simply explain why the previous governments were responsible for everything.
They voted because they were told:
“We know where the money is.”
Now they are entitled to ask:
“So… where is it?”
The biggest joke is that Punjab is still rich on paper
Punjab has land.Punjab has agriculture.Punjab has industry.Punjab has tourism potential.Punjab has mining resources.Punjab has excise revenue.Punjab has hardworking people.And Punjab has one of the world’s most successful diasporas.What Punjab increasingly lacks is fiscal breathing space.The state cannot keep treating borrowing as a permanent source of income.A loan is not revenue.A loan is tomorrow’s bill arriving today.And every rupee borrowed today has to be repaid by somebody tomorrow.Usually, that somebody is the taxpayer.
The final punchline
In 2022, Punjabis were promised something almost magical:
Stop corruption. Stop illegal mining. Recover the lost money. Create new revenue. Punjab will prosper.Four years later, the people are entitled to ask whether the magic trick worked.Because if ₹20,000 crore was supposed to come from mining and ₹34,000 crore from stopping leakages, Punjab should have had a financial transformation—not an expanding list of questions about borrowing and debt.
So perhaps Punjab needs a new election slogan:
“Don’t tell us where the money will come from.
Tell us where the money went.”
And another:
“Punjab was promised a revenue revolution.
Instead, the revolution seems to have produced a loan application.”
The people of Punjab are not asking for miracles anymore.They are asking for the accounts.Because ultimately, the funniest joke is also the most serious question:If Punjab was supposed to become richer by stopping the loot, why does Punjab keep getting poorer while the debt keeps getting bigger?
Disclaimer: This article and accompanying images are for informational and illustrative purposes only. Some visuals may be AI-generated or digitally enhanced and may not depict actual events or persons.Views expressed are based on publicly available information and analysis