Goan economy could witness 10.33% growth in 2023-24: Economic Survey

The Goan economy is in a favourable position to witness the growth mainly due to opening of the newly constructed Manohar International Airport at Mopa

The Goan economy is expected to see a growth of 10.33% during the financial year 2023-24 with the inauguration of the second international airport at Mopa in north Goa, the state economic survey, which was presented in the state assembly on Tuesday, stated.

Goa is also likely to see the per capita income increase from ₹4,54,172 in 2017-18 to ₹5,27,146 in 2021-22. (File Shutterstock image)

“The Goan economy is in a favourable position to witness the growth of 10.33% cent during 2023-24 mainly due to opening of the newly constructed Manohar International Airport at Mopa, setting up of various institutions for higher education, introduction of several policies of utmost importance such as tourism policy in the state and the anticipated resumption of mining activities, etc,” the document said.

The economic survey revealed that Goa witnessed a growth of 9.11% (current prices) as against 0.90% the previous financial year (2020-21) and 4.42% in 2019-20 and 3.61% in 2018-19.

Goa, which boasts of the highest per capita income in the country among states, is also likely to see the per capita income increase from ₹4,54,172 in 2017-18 to ₹5,27,146 in 2021-22.

Per capita income is estimated by dividing GSDP at current prices with mid-financial year project population.

The survey also revealed that public debt has grown manifold and stands at 24% of the state GSDP after hovering around 19-20% of the state GDP between the years 2017 and 2020.

“The state’s public debt as on 31 March 2023 is estimated to be ₹21,940 crore as against ₹20,824.86 crore in 2021-22,” the survey said.

Nearly all of Goa’s public debt is in the form of market loans to the tune of ₹20,460 crore while ₹1,480 crore is owed to NABARD.

The state budget will be presented by chief minister Pramod Sawant on Wednesday.