Due to the political instability in Punjab and the flurry of appointments and transfers in the departments, foreign investment is being adversely affected.
The World Bank, the Asian Development Bank and the Commonwealth and Development UK Office have conveyed their concerns to the Punjab government over the slow pace of projects.
According to the documents, 26 projects with foreign investment are currently underway in Punjab, 22 projects with foreign loans and 4 projects with grants are slow.
According to the report, foreign funding of two and a half billion dollars has been received so far for projects costing 5 billion billion 10 billion dollars. This financial year, 45 crore 7 million dollars have been allocated for the projects while 17 crore 90 million dollars have been released.
4.40% decline in production of major industries
According to the documents, despite the release of funds, the completion of the projects is extremely slow. If the projects are not completed on time, the foreign funding will stop.
Crude oil prices in the global market have dropped significantly
On the other hand, P&D department officials say that a 6-member committee headed by Chief Secretary Punjab has been formed to fast-track foreign funding projects.