RS. 243.73 CRORE FORCIBLY TAKEN BACK FROM PUNJAB SMALL INDUSTRIES AND EXPORT CORPORATION
Face2News/Mohali
Senior Congress leader and former Punjab Health Minister Balbir Singh Sidhu today accused the Aam Aadmi Party (AAP) government of “plundering the assets of state institutions” in its desperation to tackle the state’s worsening financial crisis.
(MOREPIC1)Mr. Sidhu revealed that the government has ordered the Punjab Small Industries and Export Corporation (PSIEC) to return ₹243.73 crore of grant-in-aid, even though the amount had already been fully utilized as per approved guidelines for industrial development projects.
Addressing a press conference here, Mr. Sidhu produced documentary evidence showing that PSIEC had received this grant since 2019–20 to strengthen existing industrial infrastructure, establish new industrial hubs, and build an access road for the Cycle Valley Project in Ludhiana. He said that instead of supporting the corporation’s development work, the AAP government issued a letter on September 26, 2025, directing PSIEC to refund the grant amount to the state exchequer.
Following the government’s directive, PSIEC convened an emergency meeting of its Board of Directors, approved the refund, and returned the money by withdrawing it from its fixed deposits, Mr. Sidhu stated.
He further disclosed that on August 20, 2025, the government had also instructed PSIEC to deposit ₹500 crore into the state treasury. However, after the corporation’s employees filed a petition in the Punjab and Haryana High Court, the government was compelled to withdraw the order.
Mr. Sidhu said that never before in Punjab’s history has a government demanded the return of a grant already spent by a public institution. This, he asserted, clearly reflects the AAP government’s flawed policies, mismanagement, and deep-rooted corruption, which have pushed the state into financial distress.
The former minister alleged that the AAP government, having failed on every front, now has its eyes set on the assets of government corporations and institutions. “The government wants to seize these assets to fund its populist schemes and fill the party’s coffers in preparation for the upcoming Bihar Assembly elections,” he said.
He added that this approach explains the government’s repeated and failed attempts to take over people’s lands through land pooling, sell panchayat properties, and divert funds from panchayats.
Mr. Sidhu also cautioned that the government has started identifying land belonging to Punjab Agricultural University (PAU), Ludhiana, as well as properties of the Horticulture Department, Punjab Agro Industries Corporation, and Punjab Agri Export Corporation, with the intent to sell them off.
PSIEC Association President Pipa Ram, Vice President Balwant Singh, Field President Sheena, Finance Secretary Amritpal and Convener Harkesh Rana were also present in this press conference.
