"My government has time and again appraised the central government on the gravity of the situation, in terms of its impact on the economy of the state in general and on the lives of the people in particular and has requested for financial assistance," Wanchoo said in his address to the State Legislative Assembly on the first day of the session today.
"However, despite our best efforts, central government failed to react in any positive way, even though it has been the biggest beneficiary of iron ore mining and its exports from Goa, in the past when mining activity was in full swing," the Governor added.
The four-day-long session which will have state budget being presented on March 5 began today with Governor's speech.
The Governor further hoped that the new government which will be formed after the ensuing general elections, will lend a helping hand to the state in its hour of need by extending a liberal financial package to compensate the losses suffered.
He said the ban on mining by Supreme Court has put a severe strain on the revenues of the state apart from affecting the livelihood of close to 1.5 lakh people who are dependent on the mining sector, directly or indirectly.
"The loss to the state economy is estimated to be around 20 percent of GDP. In absolute terms, it works out to be over Rs 8,700 crore at current prices of 2013-14; whereas the state exchequer has suffered a direct and indirect revenue loss of around Rs 2,000 crore as on date," the Governor said.
He said that the government has taken various measures to address this unprecedented economic impact on account of the ban on mining.
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors


Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share


Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor


Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements


Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app
)