Goa economy grows at 7.71% GSDP despite mining ban

Goa's Gross State Domestic product (GSDP) showed an upward trend during last financial year despite economic slowdown due to ban on iron ore exports in the state, as per the Economic Report. The state's GDP which was hovering around 20.20% in 2011-12 before the iron ore exports were closed, had crashed to 4.17% during last financial year (2012-13).

The Economic Report, which was tabled during the ongoing state Legislative Assembly session, mentions that the GDP rose to 7.71% during 2013-14. The report mentions that the growth rate under primary sector increased from minus 39.89% in 2012-13 to 9.86% in 2013-14.

The growth was mainly due to improvement in sub-sectors like agriculture, forestry and fishing wherein the growth rate increased from minus 4.43% in 2012-13 to 13.80% in 2013-14. The survey states that the growth rate under secondary sector improved from 4.43% in 2012-13 to 5.60% in the 2013-14.

While the state's health has been found good, the institutional finance in Goa has also been growing rapidly.  "As on June 2014, the 694 bank branches had mobilised deposits to the tune of Rs 48,708 crore as against Rs 39,661 crore in March 2013, thereby depicting an increase in deposit mobilisation by 22.81%," the report added.