Avtar Bhat
JAMMU, Jan 10: Painting a rosy picture of State economy, the Economic Survey presented in the State Assembly here today by Finance Minister Dr Haseeb Drabu, said economy of the State is expected to register a growth of 8.49 per cent (Advanced) in 2017-18 at constant prices of 2011-12 as compared to the growth rate of 3.29 per cent during 2016- 17.
It said the State economy will show a growth of 8.49 per cent in Gross State Domestic Product (GSDP) in the current fiscal.
The report said GSDP at constant (2011-12) prices for 2017-18 is estimated at Rs 1,09,136.52 crore as against the estimate of Rs 1,00,597.57 crore for 2016-17, indicating growth of 8.49 per cent this fiscal.
“Showing an increase of 11.16 per cent during the year, at the current prices, GSDP for 2017-18 is estimated to be Rs 1,40,886.76 crore as against the estimate of Rs 1,26,230. 91 crore for 2016-17”, the report said.
The figurative description of GSDP and its related aggregates are indicators of State economy that showcase whether State has made any progress in economic terms over the period of time, it said.
The survey has projected estimate for 2018-19 at constant (2011-12) prices and current prices of GSDP is Rs 1,16,637.44 crore and Rs 1,57,383.77 crore.
The report said the estimate of the State income (net State income) at constant (2011-12) prices for 2017-18 is Rs 90,902.60 crore as against the estimate of Rs 83,717.39 crore for 2016-17, there by suggesting a rise of 8.58 per cent.
At current prices, State income for 2017-18 is estimated at Rs 1,19,294.71 crore as compared to Rs 1,06,326.40 crore for 2016-17, showing a rise of 12.20 per cent during the year, it added.
The net income at the constant (2011-12) prices and current prices are roughly estimated at Rs 97,352.75 crore and Rs 1,33,596.72 crore, respectively in 2018-19.
The report in view of the figures indicated a growth per capita real income of about 6.95 per cent during 2016-17 and per capita income at current prices in 2017-18 is estimated Rs 68,108 as compared to Rs 77,918 in 2016-17, showing rise of 10.51 per cent.
Similarly, the per capita real income at constant prices for 2017-18 is estimated at Rs 65,615 as against Rs 61,349 for the year.
The projected growth for 2018-19 is roughly estimated at 6.87 per cent.
As far as industry is concerned, it is likely to grow at 6.18 per cent in 2017-18 as compared to 2.68 per cent in 2012 -13, 4.8 per cent in 2013-14, (-)11 per cent in 2014-15, 26.16 per cent in 2015-16 and 3.43 per cent in 2016-17 at constant (2011-12) prices.
Agriculture and allied sector is likely to grow at 8.37 per cent in 2017-18 as compared to 2.49 per cent in 2016-17, it said adding service sector which is main contributor of State’s economy is likely to grow by 8.16 per cent in 2017-18 as compared to 1.40 per cent during 2016-17.
The survey said that among the sub sectors, “trade, repair, hotels and restaurants” are expected to attain a growth rate of 14.55 per cent. “Transport storage, communication & services related to broadcasting” 7.88 per cent, “financial services” 7.08 per cent, “Real-estate, ownership of dwelling & professional services” 2.33 percent, “public administration and defense” 9.58 per cent and “other services” 8.16 per cent during 2017-18. The corresponding figures for these sub sectors for the year 2016-17 (IR) were 10.30 per cent, 2.35 per cent, 4.35 per cent, 1.17 per cent, 6.90 per cent and 3.77 per cent respectively. The projected growth rate of the sector for the year 2018-19 is roughly estimated at 5.66 per cent, the report added.
The report said that the total expenditure of the State has increased by 53 per cent from Rs 28645 crore in 2011-112 to Rs 43845 crore in 2015-16 while the revenue expenditure has increased by 61 per cent from Rs 22680 crore in 2011-12 to Rs 36420 crore in 2015-16 where in the capital expenditure including loans and advances has increased by 25 per cent from Rs 5965 crore in 2011-12 to Rs 7425 ccroe in 2015-16.
The survey showed that expenditure in economic services has increased by 41 per cent from Rs 10661 crore in 2011-12 to Rs 15036 crore in 2015-16 where as expenditure under social services increased by 78 per cent from Rs 7861 crore in 2011-12 to Rs 14804 crore in 2015-16. It said the total expenditure has increased by 53 per cent from Rs 28710 crore in 2011-12 to Rs 43911 crore in 2015-16.
About the implementation of Goods and Services Tax (GST) in the State which came into force on July 8, last year, the report said a total number of 45,000 VAT dealers stand migrated to GST portal. It said new registration process is also in full swing and till date, a total of 26,400 dealers stand registered on GST portal.
The report said that Commercial Taxes Department of the State is proactively assisting taxpayers in the process of transformation of new tax regime and it has established facility centers in Jammu as well as Kashmir divisions in this regard.
Besides, it is assisting dealers through social media accounts, SMS alerts, conducting live interactive webcasts and has established help desk.
The report said that an amount of Rs 1014.11 crore have been received under GST from August to November last year. Out of it Rs 473.11 crore were received under State GST while 541.00 crore were received under Central GST.
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