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Supporting the Punjab Development Finance Program: Technical Assistance Consultant's Report (Volume 1)

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Supporting the Punjab Development Finance Program: Technical Assistance Consultant's Report (Volume 1) Technical Assistance Consultant’s Report Project Number: 45288-002 September 2019 India: Supporting the Punjab Development Finance Program (Financed by ADB’s Technical Assistance Special Fund) Prepared by PricewaterhouseCoopers Kolkata, India For: Finance Department, Government of Punjab This consultant’s report does not necessarily reflect the views of ADB or the Government concerned, and ADB and the Government cannot be held liable for its contents. www.pwc.com/in Supporting the Punjab Development Finance Program ADB TA 8759-IND Final Report (Volume I) November 2018 TA8759: Supporting the Punjab Development Finance Program – Final Report (Volume I) Table of Contents 1 Background and Program Objectives ..................................................................... 6 1.1 Background ........................................................................................................................................................ 6 1.2 Program Objectives ........................................................................................................................................... 6 1.3 Deliverables ......................................................................................................................................................... 7 1.4 Structure of the Report ...................................................................................................................................... 8 2 Compliance status achieved against second tranche policy actions ....................... 9 2.1 Rationalized Expenditures focusing on Power Subsidies ............................................................................... 9 2.2 Improved Revenue Efforts ............................................................................................................................... 14 3 Compliance status achieved against third tranche policy actions ........................ 17 3.1 Improved Capacity for Fiscal Management .................................................................................................... 17 3.2 Improved Revenue Efforts .............................................................................................................................. 22 4 Additional inputs of the TA ................................................................................... 23 4.1 Non-Tax Revenue Analysis ............................................................................................................................. 23 4.2 Debt Analysis ................................................................................................................................................... 49 4.3 Own Tax Revenue Analysis ............................................................................................................................. 55 4.4 Estimation of profession tax collection .......................................................................................................... 59 5 Annexure A: MTFF - policy action no. 17 .............................................................. 60 5.1 Projection Methodology .................................................................................................................................. 60 5.2 Revenue projections ......................................................................................................................................... 61 5.3 Expenditure projections .................................................................................................................................. 62 5.4 Medium term fiscal projections ...................................................................................................................... 64 6 Annexure B: MTEF - policy action no. 18 ............................................................... 67 6.1 Approach and delivery of the Training program ........................................................................................... 67 Page 2 of 70 PwC TA8759: Supporting the Punjab Development Finance Program – Final Report (Volume I) List of tables Table 1: Component-wise Non-tax Revenue (NTR) (Rs. crores) ............................................................................. 24 Table 2: Detailed Analysis of Major Components of Each Service (Rs. crores) ...................................................... 24 Table 3: State-wise Comparison of Revenues in crores (2013-14 RE) .................................................................... 26 Table 4: State-wise Comparison of Own Non-tax Revenue (2013-14) .................................................................... 26 Table 5: State-wise comparison of general services revenue ................................................................................... 27 Table 6: State-wise comparison of social services revenue ...................................................................................... 28 Table 7: State-wise percentage share of major components of social services in total social services .................. 28 Table 8: State-wise comparison of economic services ............................................................................................. 29 Table 9: State-wise percentage share of major components of economic services in total economic services ..... 30 Table 10: Elementary education sector ...................................................................................................................... 31 Table 11: Elementary Education Revenue Receipts (in Rs. Lakh) ........................................................................... 32 Table 12: Component of Elementary Education Expenditure (in Rs. Lakh) ........................................................... 33 Table 13: Elementary Education Recovery Rate (in Rupees) .................................................................................. 34 Table 14: Secondary education sector ....................................................................................................................... 35 Table 15: Secondary Education Fee Structure in Punjab (in Rupees) ..................................................................... 37 Table 16: Secondary Education Revenue Receipts (in Rs. Lakh) ............................................................................ 37 Table 17: Components of Secondary Education Revenue Receipts (in Rs. Lakh) .................................................. 38 Table 18: Component of Secondary Education Revenue Expenditure (in Rs. Lakh) ............................................. 38 Table 19: Secondary Education Recovery Rate (in Rupees) .................................................................................... 40 Table 20: Higher education sector ............................................................................................................................ 40 Table 21: Fees Structure of Government College, Punjabi University (in Rs.) ....................................................... 43 Table 22: Fee Structure of Govt. College Mohali, Punjabi University (Semester) .................................................. 44 Table 23: Fees structure of government aided college affiliated to Punjab University (in Rs.) ............................. 44 Table 24: Component of University and Higher Education Revenue Expenditure (in Rs. Lakh) ......................... 45 Table 25: University and Higher Education Recovery Rate (in Rupees) ................................................................ 46 Table 26: Technical education sector ........................................................................................................................ 46 Table 27: Tuition fees of Industrial Training Institutes (ITI) .................................................................................. 47 Table 28: Total Number of Polytechnic Institutes and Total Seat Filled ................................................................ 48 Table 29: Components of Technical Education Expenditure (in Rs. Lakh) ............................................................ 48 Table 30: Technical Education Recovery Rate (in Rupees) ..................................................................................... 48 Table 31: High Cost Market Loan Structure (Interest rate >= 9% per annum) as on April, 2015 ......................... 50 Table 32: Year-wise Principal and Interest payment schedule (in Rs. Crore) as on April 2015 ............................ 50 Table 33: Historical debt profile of Punjab ................................................................................................................ 51 Table 34: Year-wise break-up of market loan of Punjab ........................................................................................... 51 Table 35: Interest rate-wise break-up of market loan of Punjab (in Rs. Crores) .................................................... 52 Table 36: Fiscal space in terms of NPV due to pre-payment of high cost market loan with Fresh Loan of tenure 10 years in Rs crore (for Loan with balance interest pay out period >=8 years) .................................................... 52 Table 37: Fiscal Space in terms of net present value due to pre-payment of the top 5 high cost loan (in Rs. Crore) ..................................................................................................................................................................................... 53 Table 38: Year-wise Principal and Interest payment schedule
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