The Economic Survey of Punjab revealed a slow growth, not just in primary sector but also in the secondary sector in 2008-09 as compared with 2007-08, according to quick estimates. Also, the share of primary sector in Gross State Domestic Product (GSDP) has gone down in 2008-09 as compared with the previous year. However, compared with these two sectors, the tertiary sector or the service sector has registered growth over the previous fiscal year.
The share of tertiary sector and the secondary sector in the state GSDP increased in 2008-09 in comparison with 2007-08.
The survey reveals that at constant prices (1999-2000), as per provisional estimates (P), the overall economy of Punjab has witnessed a growth rate of 6.88 per cent during 2007-08. It is expected to grow 6.4 per cent during 2008-09 according to quick estimates(Q), which clearly suggests that global recession cast its shadow over the state’s economy.
Also, the per capita income at constant prices showed an increase of 5 per cent from Rs 30,154 (R) in 2006-07 to Rs 31,662 (P) in 2007-08 and it is likely to be Rs 33,198 (Q) for 2008-09 with a growth rate of 4.85 per cent.
At current prices, per capita income increased by 17.08 per cent from Rs 39,874 (R) in 2006-07 to Rs 46,686 (P) in 2007-08 and it is likely to register a growth rate of 13.27 per cent.
According to the survey, the GSDP from the primary sector, which comprises mainly of agriculture and livestock activities was Rs 29,987 crore during 2007-08 and registered a growth of 3.92 per cent (P) over the corresponding period last year. According to quick estimates, it further increased to Rs 31,012 crore in 2008-09 showing a growth rate of 3.42 per cent.
But the share of agriculture(proper) in GSDP has declined from 26.27 per cent in 1999-2000 to 19.49 per cent(Q) in 2008-09. The share of primary sector which includes agriculture and livestock has come down from 37.54 per cent in 1999-2000 to 29.87 per cent(Q) in 2008-09.
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Also, the GSDP from secondary sector, which covers the manufacturing, construction and power sectors was Rs 25,209 crore (P) in 2007-08 and showed a growth rate of 9.77 per cent (P). Its share in 2008-09(Q) was Rs 27,227 crore, registering a growth rate of 8.01 per cent.
The share of the secondary sector has increased from 22.75 per cent in 1999-2000 to 26.22 per cent (Q) in 2008-09.
Similarly the GSDP from the tertiary sector, which comprises services sector was Rs 42,381 crore (P) in 2007-08 and recorded a growth rate of 7.35 per cent (P) as compared to previous year. In 2008-09, it increased to Rs 45,587 crore showing a growth rate of 7.56 per cent. The share of tertiary sector which comprises of services sector has increased from 39.71 per cent in 1999-2000 to 43.91 per cent (Q) in 2008-09.
It also reveals that the revenue deficit of the state increased from Rs 3,823.24 crore in 2007-08 to Rs 3,856.20 crore in 2008-09.