Economic Survey 2013-14!!!! The Economic Survey Report of the last financial year released during the Budget Session in the Assembly today does not point out encouraging signs for the state’s economy. While the state government’s debt has increased to Rs 86,453 (as per revised estimates), and is likely to touch Rs 95,670 (as per the Budget estimates), the survey stated there was another Rs 35,000 crore debt on farmers. The primary sector, including the agriculture and livestock, saw a decline in growth rate of 0.14 per cent compared to 1.81 per cent the previous year. The secondary sector of manufacturing, power and construction witnessed a marginal increase to 2.75 per cent from 2.38 per cent the previous year. The main sectors of manufacturing and electricity, gas and water supply saw a decline in growth from 3.08 per cent to 2.95 per cent and 3.14 to 2.81 per cent, respectively. The tertiary sector, including trade, hotels, transport, banking, real estate and public administration, too showed a decline in growth of 7.95 per cent from 11.82 per cent last year. The survey figures state that even the per capita income has shown a growth of 3.26 per cent, compared to 3.48 per cent the previous year. The per capita income in the state was Rs 47,834 in last financial year, above from Rs 46,325 a year earlier. Punjab is ranked eighth in the country now, as per the income of each of its resident. The survey report noted that the agriculture sector, the lifeline of the economy, has shown signs of a serious slowdown over the past few years. The growth rate has been negative since 2007-08. The sector recorded a negative growth of -.05 per cent in the last financial year. It argued that the growth is slowing down as cropping intensity and irrigation potential have already been fully exploited and has reached a saturation point. The report claims the industry sector performed little better with exports increasing to Rs 24,000 crore during 2012-13 from Rs 21,302 cr earlier. The sector has 450 large and medium-scale industrial units with a turnover of Rs 10,500 crore. In the power sector, the report reiterated the state’s promise of increasing generation with the commissioning of new plants. Employment sector was also a big worry as youth unemployment remained a big challenge to the government.
Posted on: Sat, 19 Jul 2014 04:24:31 +0000
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