Panaji: The economic slowdown has adversely
affected the growth momentum achieved by Goa during the last
couple of years, state Governor Dr S S Sidhu admitted in the
legislative assembly today.
"The Gross State Domestic Product (GSDP) growth rate of
14.13 per cent achieved during 2007-08 has fallen to 7.2 per
cent during 2008-09," the Governor said in a customary address
to the fifth Goa legislative assembly here.
The Governor said that the slowdown in Goa is largely due
to the world economy crisis, which attained serious magnitude
in the last few years.
Sidhu said that the shadow of economic slowdown has
started receding, thanks to the fiscal stimulus that the
Central government infused for revival of the economy.
"Now, the state economy has also started showing the
signs of revival and is likely to achieve a double digit GSDP
growth rate during 2009-10," he said.
The Governor said that state government has given greater
emphasis on public spending and therefore the plan size for
2009-10 was increased by a substantial 29 per cent.
Addressing the house, Governor said that the state could
utilise 93 per cent and 98 per cent of total state plan
allocation during the first two years of eleventh five year
plan and it is expected that entire state plan allocation
would be utilised during the financial year ending March 2010.
Sidhu said that government has registered a compound
annual growth rate of 10.7 per cent during the first two year
of the 11th plan 2006-07 to 2008-09 which is higher than the
national target of 9 per cent fixed by the planning commission
for 11th five year plan.
PTI
