the goan I network
PANAJI
The GSDP had grown at 8.4% and 9.6% in 2015-16 and 2014-15 respectively, which are the two immediate preceding years. This means that Goa’s GSDP growth in 2016-17 is the slowest in the last three years. In the meanwhile, the state is yet to recover fully from the impact of mining shutdown, which took place between September 2012 and August 2015.
Consider this: Goa’s GSDP stood at ` 42,367 crores in 2011-12, when iron ore mining was in full force in the state. In the immediate next year 2012-13, the GSDP fell to ` 35,850 crores and it is yet to go back to 2011-12 level.
Coming back to 2015-16, the two key sectors, which showed strong growth momentum are ‘Trade, Repair, Hotels and Restaurants’ and ‘Real estate, ownership of dwelling & professional services’. While the former posted a growth of 17.3 percent, the latter soared by 11.1 percent in 2015-16.
Manufacturing and financial services posted a growth of 9.6 percent and 6.4 percent respectively in 2015-16. Although mining and quarrying showed a growth of 21.7 percent, but still this sector’s performance is not comparable to its peak levels of 2011-12.
The state’s reliance on other sectors has increased over the years since mining hasn’t recovered. In 2011-12, mining & quarrying contributed 16.33 percent to GSDP, which slipped to a mere 0.09 percent in 2015-16.
THE FALL AND FALL
Goa’s GSDP stood at ` 42,367 crore in 2011-12, when iron ore mining was in full force
In 2012-13, the GSDP fell to ` 35,850 crores and it is yet to go back to 2011-12 level
GOA’S SAVING GRACE
Trade, Repair, Hotels and Restaurants
(From 6.59% in 2011-12 to 11.6% in 2015-16)
Real estate, ownership of dwelling & professional service
(6.82% in 2011-12 to 11.62% in 2015-16)
MINE-BLOWING SLUMP
In 2011-12, mining & quarrying contributed 16.33% to GSDP
The same sector has slipped to a mere 0.09% in 2015-16
Public debt to soar over ` 12,000 cr
PANAJI: The estimated public debt of Goa will increase to ` 12,019 crore by March 31, 2017, which is ` 1,074 crore more than what it was exactly a year ago.
In the last five years, the state’s public debt has increased every year by around ` 900-1,000 crores. This means that the growth in public debt in 2016-17 is somewhat on the expected lines.
The growth may be on the expected lines, but the composition of the public debt has gone through a lot of change in the last few years. The central loans accounted for a whopping 53.5% of Goa’s total public debt in March 2012, which has subsequently moved down to 35.1% in March 2017.
While the share of central loans has come down in Goa’s public debt, but, the share of market based borrowings has gone up from 40.2% in March 2012 to 59.4% in March 2017.
The growth in public debt can be explained by growth in fiscal deficit. The state’s fiscal deficit is estimated to be around ` 2,002 crore in 2016-17, which is more than double of ` 949 crores deficit in 2014-15.
