Punjab’s 2024–25 revised budget estimates reveal a deeply troubling fiscal situation that has pushed the state dangerously close to bankruptcy. According to the official figures, nearly one-third of the total budget has been earmarked solely for the repayment of public debt, which stands at an alarming level of around ₹3.75 lakh crore. On top of this, close to 60% of the state’s finances are absorbed by running the government—covering salaries, pensions, subsidies, and interest payments. This leaves only a tiny fraction for capital expenditure, which is crucial for development and long-term growth. Shockingly, less than 5% of the budget has been allocated for capital works, a figure that underscores the growing fiscal stress.