Team Herald
PANJIM: Despite drop in revenue due to mining slowdown, the state has seen a GSDP growth of 15.60 per cent for the year 2016-17.
As per the Economic Survey 2017-18, which was tabled in the House, the Gross State Domestic Product witnessed a growth of 15.60 percent in 2016-17 as against 11.47 percent in 2015-16 (provisional estimates).
As per the quick estimates of GSDP for the year 2016-17, at constant prices Primary Sector accounted for 8.4 per cent, Secondary Sector 57.45 percent and tertiary sector accounted for 34.15 per cent.
“The primary sector which accounted for 21.52 percent during 2011-12 declined to 8.4 percent during 2016-17. However, the composition of Secondary Sector increased from 47.23 percent during 2011-12 to 57.45 percent during 2016-17,” the Economic Survey reads adding “Similarly, the composition of tertiary sector gradually increased from 31.25 percent in 2011-12 to 34.15 percent in 2016-17 (Q).”
The GSDP at current prices for the year 2016-17 (Quick Estimates) is Rs 64,54,358 as against Rs 54,27,536, registering a growth of 18.92 percent.
“As per Advanced Estimates (AE), the anticipated GSDP at current Market prices in the State during 2017-18 is expected to reach Rs 70,267 crore,” it says.
The Net State Domestic Product (NSDP) at current prices for the year 2016-17 (QE) stood at Rs 58,77,050 as against Rs 49,22,241 in 2015-16 (provisional) indicating a growth of 19.40 percent during the year as compared to a growth of 13.85 percent in 2015-16.
The non-tax revenue of the state, which includes receipts under non-tax revenue and central aid, has been increasing since 2012-13 onwards except in 2015-16 where growth rate went down to -21.03 percent as compared to 2014-15.
“But it is interesting to note that the non-tax revenue boomed to a growth rate of 44.42 percent in 2016-17.
Grant in aid provided by the Centre to state stood at Rs 673.69 crore for the year 2017-18 which is 31.03 percent of total receipts from non-tax revenue.
The State’s total receipts and total expenditure are estimated to show an increase of 8.14 percent and 17.78 percent respectively as compared to the previous year.
“The revenue receipt, classified into tax revenue, non-tax revenue, grant-in-aid from the central government and share in central taxes, is estimated at Rs 9522.64 cr in the year 2017-18,” the Economic Survey says.
It further reads, the contribution of State’s own tax revenue being the highest with 50 per cent share.
The capital receipt shows an increase of 4.77 percent as compared to previous year.
The revenue and capital expenditure are pegged at Rs 9320.16 cr and Rs 5076.08 cr respectively.
The report showed that against a tax collection target of Rs 3,48,326.97 lakh for 2017-18, the state’s tax department had collected Rs 2,42,728.90 lakh till December 31, 2017.
This, the report said, was an increase of 15 per cent increase when compared to the same period in the previous fiscal during which Rs 2,10,997 lakh was collected. State fiscal deficit is expected to witness a decrease to Rs 827.44 crore in 2017-18, from Rs 1054.23 cr for 2016-17, economic survey says.
