Says state in favourable position to witness 13.87% growth
Panaji: Goa’s economy is set to grow at 13.87 per cent during 2024-25, with a growth rate almost similar to the previous year 2023-24, according to the state economic survey 2024-25 tabled in the assembly on Wednesday.
The survey has said the economy is presently driven by the secondary and tertiary sectors.
The document has estimated the state income as measured by the gross state domestic product (GSDP) at current market prices to touch Rs 1,21,309 crore in 2024-25, from Rs 1,06,532.57 crore in the previous year.
“The Goan economy is in a favourable position to witness growth of 13.87 per cent, mainly due to the anticipated resumption of mining and quarrying activities after successful auctioning of mining leases and various infrastructure projects undertaken by the government,” it has said.
In 2023-24, the state economy had grown at 13.73 per cent, with growth driven by the tertiary sector.
Emphasising the importance of the GSDP in assessing the economic health of the state, the survey has pointed out that the contribution of different sectors to the state income is changing with the economy presently driven by the secondary and tertiary sectors.
Giving an overview of the state finances, the report has pegged the estimated revenue receipts for 2024-25 at Rs 21,731.49 crore, while the revenue surplus has been projected at Rs 1,720.19 crore. The capital receipts are estimated at Rs 4,326.66 crore. The fiscal deficit for 2024-25 is anticipated to be Rs 3,149.47 crore.
The public debt, which is the accumulation of the total borrowings at the end of the financial year and comprises central loans, market borrowings and loans from various financial institutions, is set to increase by 11 per cent this year.
As on March 31, 2025, the total public debt has been pegged at Rs 26,605.28 crore, as against Rs 23,971.58 crore as on March 31 2024, the survey report has said.
The state government earned revenue of Rs 257 crore from the mining industry by way of upfront payment. Two blocks have gone into production and three more blocks have obtained environment clearance and are likely to commence operations by March 2025, said the report.
It has pointed to the achievements of the PWD department. Since 2019-20 to December 2024, the department has completed 473 projects, with an additional 160 projects nearing completion. Furthermore major projects worth Rs 6,053.64 crore, spanning major civil projects, drinking water supply initiatives, road improvement, and widening efforts, as well as sewerage and sanitation sectors, were completed.
The cumulative expenditure on projects nearing completion amounts to Rs 3,499.73 crore. “The completed projects reflect the state’s infrastructural growth and development.”
The report has also highlighted the achievements of the power department. Over the past three years, the electricity department has undertaken numerous projects to convert overhead lines to underground cabling with a total cost exceeding Rs 3,000 crore, it says.
