Economic survey 2013-14: Government of Goa

Budget being a short-term and seasonal exercise is primarily an answer to the economic survey of the preceding year. Economic reforms and policies need not wait for the budget. Traditionally, budget should limit itself to reforms in revenue mobilization to avoid leakages in collection. Secondly, curbs on expenditure, cost savings, direction of expenditure and efficiency of spending comes in the ambit of the budget. Thirdly, the end picture should move to one of fiscal responsibility. The results of the Economic Survey 2013-14 show a decelerated growth of 8.41% from the earlier 12%. The ban on mining which is a main sector along with Tourism, Real Estate, Other Services and Manufacturing brought down the growth rate. There are no positive signs of re-starting of mining operations in the fiscal year 2013-14 except for the handling of the existing dumps. Hence, it was expected of the Finance Minister to provide boost to manufacturing, agriculture and allied activity. This budget draws a blank in respect of any concrete steps to offset the falling growth by working on alternatives. Linking of agriculture and allied services to tourism industry would definitely be rewarding in terms of income and employment.

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