PANAJI: Despite the projected impact of the closure of Goa’s mining industry, the state is expected to clock a steady growth of around 10% in 2018-19 and if data is to be believed, the fiscal deficit could be trimmed to below 1% in the coming financial year.In 2017-18, Goa's economy is estimated to have grown at 8.9% and is pegged at Rs 70,267 crore. The state’s economic parameters may not yet be in the green, but critical parameters such as fiscal deficit and debt to gross state domestic product (GSDP) ratio show that the state’s economic health could be on the path to recovery.The economic survey for 2017-18, which was released on Wednesday in the state legislative assembly, shows that Goa’s public debt as on March 2018 is estimated at Rs 13,203 crore and has been observed to be “continuously rising”.At the same time, the state’s fiscal deficit appears to have sharply decreased to 1.17%, a sharp decline from 2.44% in 2015-16. “The public debt, which was Rs 9,936 crore in 2015-16, has increased to Rs 11,344 crore in 2016-17,” states the economic survey. “It has further increased to Rs 12,388 crore as per the revised estimates for 2017 and is likely to increase to Rs 13,203.4 crore in 2017-18.”The survey further states that though public debt is increasing continuously, the debt to GSDP ratio shows a decline from 2016 onwards.Goa’s economy expected to touch ?70k cr in FY 17-18: Economic Survey“The debt to GSDP ratio, which was 25.21% in the year 2016, is expected to be 23.88% in 2018,” it says. A similar trend was seen in the fiscal deficit, which is an important factor to assess the finances of the state. As per revised estimates for 2016-17, the state’s fiscal deficit was Rs 1,054 crore, which is now expected to decrease to Rs 827 crore in 2017-18. With the economic survey estimatin the GSDP for Goa at Rs 70,267 crore in 2017-18, the state’s fiscal deficit is pegged at 1.17%.The Goa Fiscal Responsibilities and Budget Management GFRBM ) (first amendment) Act, 2014, has fixed 3% as the limit for fiscal deficit. Goa's economy is estimated to have grown at 8.9% in 2017-18 and is expected to reach Rs 70,267 crore according to the government's advanced estimates. In 2016-17, Goa's economy was valued at Rs 64543.6 crore at current prices.

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