 "Negative primary sector growth led reduction in Goa's FY 2014-15 growth")
Goa's gross state domestic product growth had reduced to 7.37 per cent in the financial year (FY) 2014-15 against 7.71 per cent in the FY 2013-14, because of the negative primary sector growth, according to the Goa Economic Survey 2016-16 report.
Discouraging growth is primarily because of turmoil in the Goa's iron ore mining industry, which has led the negative primary sector growth during the FY2014-15, said the Survey.
The report, tabled in the Goa Legislative Assembly in Panaji on on Monday, stated that the growth in the primary sector slipped largely due to continued crisis in state's major revenue earner iron ore mining industry.
"The growth rate under primary sector, which was around 10 per cent during the FY 2013-14 (provisional), fell drastically to minus 16.44 per cent during the FY 2014-15," the 233-pages Economic Survey report read, which diagnoses the financial health of the State.
"This can be attributed to a huge fall in mining and quarrying sub sector," it said.
After the ban of over two-and-a-half years on mining, the Supreme Court had conditionally allowed export and extraction of iron ore in the coastal State in 2015.
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Vedanta Ltd was the first company to resume operations in the mining industry at its Codli site in the South Goa. Despite that, lull prevailed over the exports due to after-effects of such a long cease.
State's economy found its saviour in the form of secondary sector which grew to 6.73 per cent during the FY 2014-15 from 5.60 per cent in the previous FY. The growth rate was 4 per cent in the FY 2011-12 and the FY 2012-13.
"Similarly, growth rate under Tertiary Sector which was 35.56 per cent in the FY 2011-12 slowed down to 10.26 per cent in the FY 2012-13 and further to 8.46 per cent in the FY 2013-14. During the FY 2014-15, growth rate in tertiary sector improved and stood at 9.55 per cent," the report said.
Overall, during 2014-15, primary sector accounted for 3.84 per cent, secondary sector 31.67 per cent and tertiary sector 64.49 per cent of the total revenue earnings.