PANAJI
The Economic Survey 2024-25 has projected growth in Goa’s economy for a robust 13.87 per cent in the financial year 2024-25, marginally surpassing the previous year’s growth rate of 13.73 per cent in 2023-24.
The report, tabled by Chief Minister Pramod Sawant on Wednesday, attributed the resurgence primarily to the anticipated resumption of mining and quarrying activities after the successful auctioning of mining leases in the State.
“The Domestic Product (GSDP) reported growth is expected to reach Rs 121309.02 crore. “The Goan economy is in a favourable position to witness a growth of 13.87 per cent during the year 2024-25 mainly due to anticipated resumption of mining & quarrying activities after successful auctioning mining leases in the State,” the report stated.
Quick estimates for 2023-24 indicated strong performances across sectors. The primary and secondary sectors registered growth rates of 12.80 per cent and 12.14 per cent, respectively, compared to the previous year, while the tertiary sector surged ahead with a 15.43 per cent growth.
The secondary sector, which contributed around 52.88 per cent to the GSDP in 2019-20, experienced fluctuations -- rising to 53.17 per cent in 2020-21 and peaking at 54.03percent in 2021-22 before declining to 51.97 per cent in 2022-23 and further to 51.32 per cent in 2023-24.
Meanwhile, the primary sector's contribution has continued its downward trend, slipping to 6.37 per cent in 2023-24 from 6.98 per cent in 2021-22, having previously stood at 7.83 percent in 2020-21.
The survey further highlighted a steady increase in per capita income, climbing from Rs 4,85,645 in 2019-20 to Rs 5,96,260 in 2022-23 and further to Rs 6,74,684 in 2023-24, signalling improved economic prosperity for Goans.
The report further raised the possibility of revision in the growth rate subsequently.
