Before the 2022 Punjab Assembly election, Arvind Kejriwal and Bhagwant Mann offered Punjabis something that sounded almost too good to be true.They said Punjab had plenty of money.The money was supposedly disappearing through illegal mining, corruption, commissions, leakages and mismanagement. Stop the loot, they argued, and Punjab could generate enormous additional revenue.There was even talk of generating around ₹20,000 crore annually from mining and saving around ₹34,000 crore by eliminating corruption and leakages.The political mathematics was brilliant.Stop the corruption + stop illegal mining + recover the money = Punjab becomes financially strong.Punjabis apparently only had to change the government.
So they did.
And then came the plot twist.The treasure hunt continues
Four years later, Punjabis are still waiting for the promised treasure to appear in the state treasury.The government has highlighted increased mining revenue and other revenue measures, but the numbers being discussed are nowhere near the gigantic figures used in the political narrative before the election.
So the obvious question remains:
Where is the ₹20,000 crore?
Perhaps it is still stuck in the same file where many government promises go to take a long nap.“Before 2022: Find the money.
After 2022: Find the loan.”
₹34,000 crore: The vanishing savings
Then there was the even bigger promise of saving approximately ₹34,000 crore by eliminating corruption and financial leakages.If that amount had actually been saved every year, Punjab would have had a financial cushion large enough to make the Finance Minister smile without looking at the borrowing calendar.Instead, Punjab continues to face serious fiscal pressures and repeated borrowing.This creates an uncomfortable question:
If corruption and leakages were costing Punjab tens of thousands of crores, where is the money saved after those leakages were supposedly plugged?
“The corruption was supposed to disappear.
Unfortunately, the government’s financial problems didn’t.”
Punjab’s new economic indicator: the next loan
There was a time when governments proudly announced new industries, new investments and new employment.
Punjab now frequently hears another type of announcement:
“The state will raise another loan.”
There is nothing inherently wrong with responsible government borrowing. Borrowing can finance infrastructure and productive investment.But borrowing cannot become a substitute for creating sustainable revenue.A government cannot permanently run a household by repeatedly increasing the credit-card limit.“Debt is not income.A loan is simply tomorrow’s headache delivered today.”
The Kejriwal-Mann arithmetic
Let us revisit the original political arithmetic.
Mining:
“We can generate thousands of crores.”
Corruption:
“We can save tens of thousands of crores.”
Leakages:
“We will stop them.”
Revenue:
“We will increase it.”
Debt:
“We will control it.”
Then reality entered the room.Finance Department: “Sir, we need money.”
Government: “How much?”
Finance Department: “₹2,000 crore.”
Government: “Where is the revenue?”
Finance Department: “We are working on it.”Government: “Then borrow.”And thus Punjab’s most dependable revenue source became…the borrowing market.
The ₹20,000-crore promise needs a ₹20,000-crore answer
There is a very simple way to settle the political argument.
No speeches.
No accusations.
No counter-accusations.
No blaming previous governments.
Publish the figures.
Show Punjabis exactly how much mining revenue was collected each year since 2022.Show how much was promised.Show how much corruption-related money was recovered.Show how much was actually saved by eliminating leakages.Show how much new debt was raised.Show how much debt was repaid.Show the annual interest burden.Show the money spent on welfare.Show the money spent on publicity and advertisements.Then let the people decide.Because numbers don’t need a party flag.
Don’t blame the past forever
AAP inherited Punjab’s difficult financial situation. That fact should not be ignored.Previous governments made financial decisions that contributed to the state’s debt burden.But after more than four years in office, the Mann government cannot forever use previous governments as the explanation for every financial problem.At some point, the government must answer for its own four-year record.The voters did not elect AAP in 2022 merely to hear why Congress, SAD or previous governments were responsible for Punjab’s problems.They elected AAP because they were promised a different way of governing.
“If the previous government was the problem, the new government must show that it became the solution.”
Punjab needs a financial audit—not another political speech
The real issue is not whether Punjab should have welfare schemes.Punjab’s poor need assistance.Farmers need support.Students need education.Hospitals need investment.Roads need improvement.Jobs need to be created.
The question is:
How will Punjab permanently pay for all of this?
A welfare state requires a productive economy.A productive economy requires investment.Investment requires confidence.And confidence requires transparent governance and sustainable public finances.Borrowing can buy time.It cannot buy prosperity forever.
And now for the political punchlines
“AAP promised to stop the leak in Punjab’s pocket. Punjabis are still waiting to see whether the hole was repaired—or simply made bigger.”
“₹20,000 crore was supposed to come from mining. Apparently, only the number reached Punjab.”“₹34,000 crore was supposed to be saved from corruption. Punjab’s taxpayers are still looking for the receipt.”“Punjab doesn’t need another announcement about finding money. It needs an explanation of where the promised money went.”“A government can borrow money. It cannot borrow credibility.”“Every new loan has two celebrations: one when the government receives it, and another when taxpayers realize they have to repay it.”“The election promise was ‘we know where the money is.’ The post-election question is ‘then why are you still borrowing?’”“Punjab was promised a revenue model. It appears to have received a revolving credit model.”“If stopping corruption was going to make Punjab rich, the state should by now have been looking for places to invest its surplus—not places to borrow more.”
The final question belongs to Punjab
Kejriwal and Mann made a powerful political argument in 2022:
Punjab is not poor; Punjab’s money is being lost.
Fine.
Then prove it.
Tell Punjabis how much was recovered.Tell them how much was saved.Tell them how much mining actually produced.Tell them how much debt was added.Tell them how much interest Punjab is paying.And tell them when Punjab will finally stop depending on borrowing.Because the people of Punjab have heard enough promises.Now they want the balance sheet.
And perhaps the most appropriate slogan for Punjab today is:
“Don’t tell us where the next ₹2,000 crore loan will come from. Tell us what happened to the ₹54,000 crore we were promised.”Punjab deserves answers not accounting magic.
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