PORVORIM: Goa’s Gross State Domestic Product (GSDP) witnessed 18.92 per cent growth rate for the financial year 2016-17, which was higher than the projection made by Fourteenth Finance Commission, the Comptroller Auditor General (CGA) said.
The CAG, in its annual report ending March 31, 2017, which was tabled on the floor of the House on Friday, also pointed out that the State’s revenue expenditure increased continuously from Rs 6,061 crore in 2012-13 to Rs 8,866 crore in 2016-17. The year-wise growth of revenue expenditure fluctuated between 8.92 per cent and 13.63 per cent during the period 2012-13 to 2015-16.
At the same time CAG revealed that the overall development expenditure to total expenditure decreased from 71.75 per cent in 2015-16 to 70.69 per cent in 2016-17.
“The growth rate of GSDP was 18.92 per cent against the fourteenth finance commission projection of 14.52 per cent during the year,” the CAG has said.
The data provided by CAG indicates that though the annual growth rate of GSDP of the State during 2012-13 to 2013-14 recorded a negative growth, it showed a positive trend in the subsequent years.
CAG has said that secondary and tertiary sector continued to be a dominant source of GSDP and it accounted for 50.07 per cent and 32.26 per cent, respectively. “Out of remaining 17.67 per cent, primary sector contributed to 08.40 per cent and taxes and subsidies on products contributed 9.27 per cent,” the report adds.
CAG report has said the State government had achieved the target of reduction of revenue deficit to zero in the FY 2014-15 as projected in Goa Fiscal Responsibility and Budget Management (GFRBM) Act, 2014.
CAG has pointed out that the revenue surplus in 2016-17 stood at Rs 699 crore and was higher than the previous year’s surplus by Rs 567 crore. “This was due to higher growth rate of the revenue receipts as compared to the revenue expenditure over the previous year,” the report reads.
The report further said that the fiscal deficit during the same period was 1.45 per cent of GSDP, which was within the target of three per cent set forth in GFRBM Act and XIV finance commission.
“Fiscal liabilities of the State increased from Rs 11, 232 crore in 2012-13 to Rs 16, 824 crore in 2016-17,” the report stated adding ‘the growth rate decreased from 12.24 per cent in 2015-16 to 8.02 per cent in 2016-17’.
However, over a period of four years, fiscal liabilities to GSDP ratio had reduced from 35.34 per cent in 2013-14 to 26.07 per cent in 2016-17, which was higher than the target fixed ( 25 percent) in the GFRBM Act and ( 25.55 per cent) projected by XIV finance commission.
CAG revealed that during 2016-17, expenditure of Rs 12,848.37 crore was incurred as against total grants and appropriation of Rs 15,899.60 crore, resulting in saving of Rs 3,051.23 crore.
Financial assistance to local bodies and other institutions increased from Rs 837 crore in 2015-16 to Rs 915 crore in 2016-17.
