Team Herald
PANJIM: Goa’s public debt is likely to increase further to Rs 17,962.24 crore as per 2021 estimates, according to the Economic Survey 2020-2021 presented by the government on Wednesday.
The market loans forms a major part in the public debt followed by Central loans and NSSF, which accounts for around 78.60 per cent and 16.89 per cent respectively of the total public debt. The Central loans are on a decline and market loans show an increase over the years. Market loans which were 53.38 per cent of the total public debt in 2015, stood at 78.60 per cent in 2021. Similarly, the Central loans and NSSF declined from 40.22 per cent in 2015 to 16.89 per cent in 2021.
However, there has been steady increase in capital expenditure over the years. Despite lockdown and loss of jobs, during 2020-2021 the capital expenditure was estimated at Rs 5822.07 crore, an increase of 9.11 per cent as compared to 2019-2020.
Due to lockdown, private sector suffered a lot and many people lost their jobs even as the impact of COVID-19 pandemic on Goa was less due to timely measures and professional handling by the government.
The Economic Survey tabled few hours before the Budget also points to increasing trend of revenue expenditure over the years. In 2020-2021, the revenue expenditure was estimated at Rs 12,977.42 crore with a growth rate of 10.48 per cent as compared to 2019-2020. The Gross State Domestic Product (GSDP) at current prices registered a growth of 9.95 per cent i.e. from Rs 73,170 crore in the year 2018-2019 to Rs 80,448.85 crore in 2019-2020. As per advanced estimates the anticipated GSDP at current market price in the State during 2020-2021 is expected to touch Rs 81,502.22 crore.
Though Goa posses a good banking network, the number of bank branches started declining from 2018-2019 onwards. During 2020-2021, as on December 31, 2020, the 47 banks mobilised deposits of Rs 89,205 crore as against Rs 79,347 crore as on December 31, 2018, showing an increase by Rs 9,888 crore over the corresponding period of the previous year.
Similarly, the advances level as on December 31,2020, was Rs 28,703 crore with an increase of Rs 5,674 crore over the corresponding period of the previous year. However, the credit deposit (CD) ratio as on December 31, 2020, was 32.18 per cent, which was below the benchmark level of 40 per cent even as it was slightly above December 2019 level.