Chandigarh: Union Finance Minister Pranab Mukherjee on Wednesday accused the SAD-BJP government in Punjab of being responsible for the state?s "dismal" fiscal health and of taking a U-turn on allowing FDI in multibrand retail.

"Punjab used to have highest per capita income?Punjab was the harbinger of green revolution?but in the last few years under SAD-BJP rule, the state (economy) has come down? the state is now debt-stressed and it has a debt of Rs 70,000-72,000 crore", Mukherjee said here.

Pointing out that Punjab was among the three states which had been declared debt-stressed states, Mukherjee said the state had been asked either to curtail its expenditure or raise Tax-GSDP ratio in order to bring the economy back on track.

"Punjab’s tax-GSDP ratio is 7.5 per cent against most of states having tax to GSDP ratio of 9.5 per cent. The 13th Finance Commission suggested that Punjab should either contract its expenditure or raise the tax-GSDP ratio", he said.

Appealing to voters to give a chance to Congress in assembly elections, Mukherjee claimed it is Congress government that could only bring economic prosperity in the state.

Charging SAD-BJP with taking a U-turn on support to opening up of FDI into multi-brand retail, the Finance Minister said had FDI been allowed in multi-brand retail, it would have immensely helped Punjab farmers.

Rejecting the state government?s charge of not clearing the security-related expenses during militancy in the state, Mukherjee said the Centre did pay an amount of Rs 9,913 crore out of Rs 12,500 crore to Punjab and the state government also paid an amount of Rs 2,600 crore.

PTI