In the current challenging economic climate, Goa’s financial management demands caution and consideration. Despite Goa’s relative stability, the decision to borrow Rs. 20,000 crore raises important questions. Notably, about one in every twenty-two Goans is a government employee, with 70,000 out of a 15 lakh population holding government jobs. Government salaries consume a significant portion of the budget. Additionally, around 20,000 pensioners receive non-contributory pensions, further straining the state’s finances.
Two prominent social welfare schemes are also impacting state finances. The Dayanand Social Security Scheme, benefiting 50,000 senior citizens, widows, and differently-abled individuals, costs the state approximately Rs. 120 crore annually. Another scheme, providing Rs. 18,000 per year to nearly 1 lakh housewives, adds an additional Rs. 180 crore in expenses.
While major tax revenues like GST and excise duty remain stable, they currently face some constraints. Given these circumstances, practicing fiscal prudence and austerity measures is imperative to navigate these challenging times.
