Turmoil in Goa's iron ore mining industry has led the primary sector tumbling into the negative zone during 2014-15, according to the State's Economic Survey 2015-16 report.
The report, tabled in the Legislative Assembly here yesterday, stated that the growth in the primary sector slipped largely due to continued crisis in state's major revenue earner iron ore mining industry.
"The growth rate under primary sector, which was around 10 per cent during 2013-14 (provisional), fell drastically to minus (-) 16.44 per cent during 2014-15," the 233-pages Economic Survey report read, which diagnoses the financial health of the State.
"This can be attributed to a huge fall in mining and quarrying sub sector," it said. After the ban of over two-and-a-half years on mining, the Supreme Court had conditionally allowed export and extraction of iron ore in the coastal State in 2015. Vedanta Ltd was the first company to resume operations in the mining industry at its Codli site in South Goa, but despite that, lull prevailed over the exports due to after-effects of such a long cease.
The report mentions that overall Gross State Domestic Product (GSDP) growth was not encouraging for FY 2014-15 as compared to 2013-14. "The GSDP for FY 2014-15 reflected a growth of 7.37 per cent as against 7.71 per cent in 2013-14," the survey read.
State's economy found its saviour in the form of secondary sector which grew to 6.73 per cent during FY 2014-15 from 5.60 per cent in the previous year. The growth rate was 4 per cent in fiscal 2011-12 and 2012-13. "Similarly, growth rate under Tertiary Sector which was 35.56 per cent in FY 2011-12 slowed down to 10.26 per cent in FY 2012-13 and further to 8.46 per cent in FY 2013-14.