Bhagwant Mann Government Stabilized Punjab’s Declining Economy: Finance Minister Cheema

Jul23,2025 | Gurvinder Singh Mohali | Derabassi

State Doubles Excise Revenue in Just Three Years
Punjab Among Top Three States in Tax Compliance
Significant Growth in GDP, GST, Revenue Collection, and Expenditure
Punjab Finance Minister S. Harpal Singh Cheema today stated that the Bhagwant Singh Mann-led Punjab Government has successfully stabilized the state's declining economy during its three-year tenure. He emphasized that consistent efforts are underway to further enhance Punjab’s performance in GDP growth and other key economic indicators.
Addressing management students on the 19th Foundation Day of LM Thapar School of Management (LMTSM), the Finance Minister said that students pursuing management education at such a reputed institution are fortunate, as LMTSM is renowned not only for its excellence in management but also engineering education. He added that management graduates hold the key responsibility to contribute meaningfully to the state and the nation, as they bring with them fresh ideas and dynamic energy.
Inaugurating the newly established LMTSM-NSE Cogenics Finance Lab, the Finance Minister noted that the facility would serve as a valuable resource hub for financial and economic insights, greatly benefiting the students.
Sharing his personal journey and experience as Punjab’s Finance Minister, S. Cheema said that though managing the state's finances was initially challenging for him as an advocate-turned-politician, dedication and hard work helped him overcome hurdles. He proudly noted that Punjab now ranks among the top three states in India for tax compliance. The state is registering remarkable progress in GDP growth, GST collections, overall revenue and expenditure.
Highlighting the government’s fiscal achievements, the Minister said that Punjab has surpassed the total GST compensation cess collected during the previous regime (2017–2022). Over the last three years, the state has received a total of Rs 63,000 crore in GST compensation cess.
He also stated that excise revenue has doubled during the Mann Government’s tenure, rising from Rs 6,152 crore to Rs 12,000 crore. Additionally, the government has provided over 55,000 merit-based government jobs, curbing brain drain and boosting admissions in state universities and colleges.
The Minister credited the Mann Government’s tax reforms for significantly improving the state's economic health. He urged students to remain committed, honest, and dedicated in their professional lives to excel in their careers.
Earlier, MLA Derabassi Kuljit Singh Randhawa welcomed the Finance Minister and praised the government’s developmental agenda and S. Cheema's pivotal role in making Punjab financially self-reliant.
Prof. D. P. Goyal, Director of LM Thapar School of Management, and Prof. Ajay Batish, Pro Vice Chancellor of Thapar Institute of Engineering & Technology, Patiala, also addressed the gathering. They briefed the Minister about the institution’s journey and contributions to education.
To mark the occasion, Finance Minister Cheema also planted a sapling on the LMTSM campus, reinforcing the government’s commitment to environmental sustainability.