Chief Minister, in his Budget speech, said ‘Happiness Index’ of Goans is increasing
Last week, Chief Minister Pramod Sawant, who holds the Finance portfolio, presented the Budget for the financial year 2026-27, which in all probability could be the election-year Budget. Standing at Rs 30,195 crore, the annual financial statement indicated a growth of 7.21 per cent as compared to his last budget. The Budget, which has imposed no new taxes on the general public, projects total receipts for the financial year 2026-27 at Rs 29,181 crore, with a projected revenue surplus of Rs 1,666 crore.
Any government that presents a Budget with no taxes imposed on the common man generally struggles to generate revenue. The state Budget for the forthcoming year has made provisions to generate revenue through means such as a 200 per cent hike in the licensing fee to set up new land-based casinos, as well as collecting income through commercial taxes amounting to Rs 6,945 crore, among other revenue-related strategies. The government would also need to increase its revenue receipts by vigorously plugging leakages.
Even though the focus areas of the Budget comprise infrastructure development, green energy, better healthcare, social security, upgradation of education, ease of public transport and central delivery of public services, its unique selling point (USP) is generating a system related to the state’s ‘Happiness Index’, which will assess the well-being of Goans in areas like health, community life and culture. The Budget speech maintained that the ‘Happiness Index’ of Goans is increasing day by day, even though the rising number of public agitations around the state ironically points to something else.
The government proposes institutional measures for improving the administration, including setting up of the new AYUSH department, a Hospitality Skilling Centre on Aguada Plateau, a Drone Remote Pilot Training Centre at Cacora, a Kunabi Craft Village at Selaulim and a Design and Craft School at Xeldem; establishment of a branch office of the Goa State Scheduled Tribe Finance and Development Corporation in the new Kushavati district; branch offices of the Vigilance Directorate in South Goa as well as another for Kushavati; formation of a Khazan Board and Goa State Cashew Board; and a new ESI Medical College in South Goa, among others. All this will require a lot of investment.
The state will require further funds for fulfilling various assurances in the Budget, including an increase in the dole amounts under social security schemes. The revenue expenditure of the government – covering salaries, various pensions and subsidies – has also increased to Rs 21,969.84 crore, up from Rs 20,568.31 crore in the previous year; the rise indicating the government’s focus on welfare and recurring commitments in an election year. In fact, the Budget speech resembles the sack of Santa Claus, which carries something for everyone. Previously, many budgets had gone over budget, forcing the government to rethink its assurances like three free LPG cylinder refills per year.
Goa has significant public debt, which is projected to rise to approximately Rs 30,945 crore by March 31, 2026, according to the Economic Survey 2025-26 tabled in the Legislative Assembly on the day of the budget presentation. While the state’s economy is growing, with the Gross State Domestic Product (GSDP) projected to cross Rs 1.12 lakh crore, the rising debt has raised concerns regarding the state’s fiscal health. The Chief Minister has also said that “the recent global scenario and its subsequent effects are expected to have a significant impact on the economy of Goa, which is highly service sector-dependent.” It now remains to be seen how the government manages the economic trapeze act by managing risks while fostering growth.
