While voters celebrated ₹150 per kg dal and free electricity, economists are raising red flags. The state’s subsidy bill has ballooned to an eye-watering ₹1 lakh crore; a number so large it dwarfs entire union budgets of smaller states. And here’s the catch: Punjab’s own revenue is barely half of that. So where’s the money coming from? Borrowing. Lots of it. The state’s debt-to-GDP ratio is now flirting with 40%, and rating agencies are watching closely. Critics warn this could trigger a fiscal crisis; think higher interest rates, delayed salaries, or even cuts to education and health. Supporters argue it’s social justice packaged as politics; and voters are loving it. But can Punjab keep this up? With no major new tax reforms on the horizon, the clock is ticking. One thing’s clear: freebies aren’t free. And someone; maybe the next generation; will have to pay the bill.