The Punjab Government will be left with only Rs 11,005 crore to spend on infrastructure building and its flagship Mukh Mantri Sehat Bima Yojana.This is just 8.72 per cent of the state’s projected revenue receipts for 2026-27.The remaining 91.28 per cent of the Budget will go towards paying interest on loans, salaries of employees, pensions, power subsidy and the just launched Mukh Mantri Mawan Dhiyan Satkar Yojana.The government is expected to generate Rs 1,26,190.43 crore as income, of which Rs 1,15,185.40 crore will be spent on its liabilities.Meanwhile, the total debt of the state is expected to balloon to Rs 4.47 lakh crore by March 31 next year.With the Gross State Domestic Product (GSDP) estimated to be Rs 9.80 lakh crore in the next fiscal, the debt-to-GSDP ratio is likely to be at 45.13 per cent, the same as the current fiscal.The GSDP stands for the total monetary value of all goods and services produced in a state in a fiscal.According to official data, the effective outstanding debt as percentage of GSDP has been rising for the past few years, except in 2023-24, when it dipped slightly.The debt-to-GSDP ratio was 41.62 per cent in 2021-22. The Budget estimates for next year again show a slight dip to 45.13 per cent. In simple terms, it means that the state’s total debt is growing faster than its economic output. The Budget estimates presented by Finance Minister Harpal Cheema also show that the GSDP growth rate, though almost at par with the national GDP growth rate, has been the lowest in the past five years.The growth rate was 16.0 per cent in 2021-22, 8.38 per cent in 2022-23 and 11.36 per cent in 2023-24, before sliding to 9.02 per cent in 2024-25 and 7.94 percent in the present fiscal. Finance Minister Harpal Cheema said with the New Industrial Policy expected to bring investments of Rs 75,000 crore in 2026-27, the state would “embark on an era of unprecedented growth”.