Per capita income depicting an upward trend: Economic Survey
Panaji: Goa’s economy is expected to grow at 9.7% this fiscal year as against the 9% growth seen in 2021-22, according to the state’s Economic Survey 2022-23, tabled in the assembly on Tuesday.
Going by the advance estimates put out by the survey, the state’s Gross State Domestic Product (GSDP) at current prices is projected at `90,641.9 crore during 2022-23 from `82,603.7 crore in the previous year.
The state’s economy is being increasingly driven by the tertiary sector comprising economic activity of trade establishments, hotels and restaurants, financial services etc, points out the survey.
“In the coming year 2023-24, the Goan economy is in a favourable position to witness a higher growth of 10.3% mainly due to the newly constructed Manohar International Airport at Mopa, setting up of various institutions for higher education, new policies such as the tourism policy and the anticipated resumption of mining activity,” says the survey.
A glance at the survey document reveals that in 2021-22, the primary sector comprising agriculture, fisheries and mining contributed to 7.8% of the GSDP, while the share of the secondary sector was 52% and the tertiary sector contributed to 41%.
As per the survey, Goa’s per capita income is depicting an upward trend from `4,86,851 (provisional) in 2017-18 to `5,27,146 in 2021-22 (quick estimates).
Goa has a unique economic model. In order to ensure a welfare state and to develop infrastructure, the state has to maintain adequate resource base on one side and its rational distribution on the other side, says the survey.
On the fiscal front, the revenue receipts are expected to be `15,450 crore and the revenue surplus anticipated at `434.3 crore in 2022-23. The fiscal deficit for the year is pegged at `3,603 crore. The capital receipts are estimated at `4,924.2 crore in 2022-23, showing an absolute increase of `1,401 crore over the previous year.
The internal debt is estimated at `3,800 crore whereas the total public debt position as on March 31, this year is expected at `21,940 crore as against `20,824.9 crore in 2021-22 (revised estimate).
Goa has been shortlisted with two products – cashew nuts and Feni – to be developed from north and south districts, respectively under the ‘one district one product’ (ODOP) scheme. Presently, jackfruit and coconut are the two products under the ODOP scheme, mentions the survey.
It discloses that the royalty collected is `3.3 crore from major minerals and `3.9 crore from minor minerals in 2022-23 (until December 2022). Further, `2.5 crore of loans has been sanctioned to 31 beneficiaries under the Chief Minister’s Rozgar Yojana programme.
‘Plan needed to manage rising population’
Panaji: Goa will need a quick plan for managing its population growth and for providing basic services to meet the needs of its expanding populace, said the Economic Survey 2022-23.
According to the survey, state’s population (as per the 2011 census) is 14.6 lakh people and it is projected to increase to 15.7 lakh in 2023.
“Rapid growth of urbanisation implies pressure on the resources available in urban areas, which is getting close to saturation level,” says the survey.
It explains that a population census has not been conducted in recent times due to the COVID-19 pandemic and, therefore, the population projection figures published by the National Commission on Population have been used to estimate the state’s demography.
The survey points out that Goa is witnessing a shift in population from rural to urban areas and the rapid urbanisation is due to high per capita income.
“As per the population census of 2011, more than 70% of the population resides in urban areas since 2018, while the remaining resides in rural areas. This year, 75.9% of the population will live in urban areas, posing significant risks on living conditions, environment and development,” says the survey.
As per the survey, Goa’s population will increase by an average of 1% over the next decade. This year, 11.9 lakh of Goa’s populace are expected to live in urban areas vis-à-vis 11.5 lakh during 2021.
Urban living is associated with better employment and educational opportunities, better health and greater access to social services and opportunities for social and cultural activities.
Urbanisation is changing the landscape of human settlement in Goa, says the survey.