Investment profile of Goa

The Goa government has decided to float of loan of Rs 40.26 crore to finance capital expenditure in the form of developmental projects in the State. Subscription for the loan will be received on Tuesday, September 26 (upto the close of banking hours) in the form of cash/cheque/bank draft, according to a notification issued here today. The ‘Goa State Development Loan, 2010’ will be issued at Rs 100 and will bear an interest at 12 per cent per annum payable half-yearly. The loan will be redeemed at par on September 26, 2010.

In the last 13 years, from 1987 onwards, the government of India has sanctioned loans amounting to Rs 1062.86 crore to the State of Goa. While from 1988, Goa raised public loan amounting to Rs 327.90 crore. Loans amounting to Rs 104.37 crore were received from LIC, REC, PFC, HUDCO, NCDC and NABARD. The outstanding balance of the government of India is Rs 808.79 crore, according to the official financial position of the State. All the loans raised and received from government of India are utilised for the creation of productive assets such as irrigation dams, canals, tanks, co-operative societies, Goa Housing Board, etc.

Goa plan 2000-2001 fixed at Rs 332 crore

NEW DELHI, Aug 29 (UNI): The annual plan for Goa for the year 2000-2001 was finalized at Rs 332 crore here today at a meeting between the deputy chairman of the Planning Commission, Mr K C Pant, and the Chief Minister, Mr Francisco Sardinha.

Mr Pant said Goa, with the highest per capita income, had been maintaining a growth rate of around 6 per cent in the last two decades. He said the state’s record in education and health care was better than many other states.

The literacy rate had gone up to 86 per cent in 1997, he said, but added that more attention was required for female literacy and standard of science education. He said employment-oriented vocational courses should also be introduced.

Mr Pant drew the attention of the state towards the substantial gap between plan outlay and plan expenditure during the first 3 years of the 9th plan. He said expenditure fell short by Rs 32 crore in 1997-98, Rs 71 crore in 1998-99 and Rs 40 crore during the last financial year.

Mr Pant urged the state government to devolve more funds and power to the panchayati raj institutions in order to empower the people, as mandated by 73rd Constitutional (Amendment) Act.

Attention was drawn to the high transmission and distribution losses in the power sector. The state was also asked to take adequate measures to protect the environment from mining activities.

The deputy chairman pointed out that the state government and Planning Commission should collectively work for preparing a ‘Vision-2020’ document to spell out essential ingredients of the state’s development for the next two decades.

The Chief Minister briefed the commission on the measures taken to revamp the state’s economy. He said power and water tariffs were being revised annually by up to 30 per cent, excise duties were being rationalised and to curtail non-plan expenditure the state had taken the lead in introducing voluntary retirement scheme to down-size administration. He said the consolidated sinking fund had been created to take care of fiscal strains.

Mr Sardinha said that in line with the Centre’s suggestions, Goa was giving priority to introduction of information technology at all levels, for which a separate department had been created.

Our Staff Reporter adds: Goa’s annual plan during last financial year was fixed at Rs 281 crore. This year’s plan is 38 per cent more. The Planning Commission has also increased central assistance to the state from Rs 90.11 crore of last year to Rs 127.92 crore for the current financial year, effecting a rise of 42 per cent in the allocation.

Besides, Mr Sardinha, the chief secretary, Mr Ashok Nath; the finance secretary, Mr Ashok Kumar; the Chief Minister’s secretary, Mr Vikram Dev Dutta; and director of planning, Mr K V R V S Chalam, also attended the meeting.

GOA HAS BEEN adjudged as the 9th best state (out of 25) to invest in, in India. This ranking was done by the journal BusinessToday in an issue published in December. Some highlights of the findings:

SNAPSHOT OF GOA:
Government: Congress(I)
Capital: Panaji
Area: 3702 sq.km
Population: 1,169,793
Towns with 100,000 plus population: NA
State domestic product: Rs 1849 crore (Rs 18490 million)
SDP growth: 1.93%
Per capital state income: Rs 14,736
Share of industry in SDP: 38%
Joint stock cos in state: 1,788
State fiscal deficit: Rs 104.50 crore (Rs 1045 million)
Inflation rate (Panaji): 13.7%
State Bank credit: Rs 957.29 crore (Rs 9572.9 million)
State market cap: NA
State priority sectors: electronics, marine products, mining, tourism.

QUALITY OF GOVERNMENT (PERCEPTION RANKS AMONG 25 SELECT INDIAN STATES)