Assembly in session - Growth rate down in most sectors: Economic Survey

Thursday, 17/07/2014

http://www.tribuneindia.com/2014/20140717/punjab.htm#1

Chandigarh : 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.

Cong dubs Budget ‘directionless’
Partap Bajwa, ppcc president"The Budget is lacklustre, listless and nothing short of betrayal with people of Punjab. Finance Minister Parminder Singh Dhindsa seems to have done only accounting work rather than coming out with a cohesive approach to mend the state economy. The absence of Chief Minister Parkash Singh Badal in the Assembly today is unprecedented and reflects the importance given to this exercise by him. The government is unsure of the budget size, which it claimed was Rs 73,593 crore while the effective size was Rs 58,593 crore due to a provision of Rs 15,000 crore towards ways and means transactions. The government should come out with the details of resource mobilisation which is missing in the Budget speech" —Partap Bajwa, ppcc President

Capt Amarinder Singh, ppcc Ex-chief"The budget has failed to address the expectations of the people, be it the unemployed, farmers or industry, which have just got passing references. Any schemes mentioned in the budget were central schemes launched by the previous Congress-led UPA government. The government has neither the will nor resources to offer anything to anyone. The budget is a statement of admission of fiscal failure. Chief Minister Parkash Singh Badal abstained from the budget presentation in the Vidhan Sabha, which only reflects his lack of sincerity towards Punjab."

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