Assam pegs GSDP growth 5.87% for 2013-14

Assam’s gross state domestic product (GSDP) saw a growth of 5.87% in the year 2013-14 at constant prices (2004-05), said Assam’s chief minister Tarun Gogoi while presenting the interim budget for 2014-15 at the assembly today.

He further said that the state GSDP at current prices during 2012-13 (quick estimate) was 12.56%.
 
According to advance estimates for 2013-14, the per capita income has registered a growth rate of 4.63 percent at constant prices and 14.53 percent at current prices in 2013-14 over the previous year in Assam.
 

The debt position of Assam has also shown considerable improvement since 2006-07. The debt-GSDP ratio has come down from 30.83% in 2005-06 to 18.52% in 2012-13. Similarly, the ratio of interest payment to total revenue receipts has declined from 18.62% in 2003-04 to 6.87% in 2012-13.

 
“Our State finances have been very sound and stable for about last ten years. The Planning Commission and the successive Finance Commissions have commended our state for excellent fiscal management,” said Gogoi, who is also the finance minister of Assam.

He added: “Beginning with 2008 when there was economic recession and fiscal compression globally and nationally, our state could sail through the turbulent times without any fiscal constraints. I am confident that I shall be able to maintain this trend in the coming days too.” However, he said since the national growth rate was “much below expectation”, Assam would not remain totally insulated for a long time from global and national trends.

“Moreover, the Central government has constituted the Seventh Pay Commission. We shall also have to revise our pay structure in consonance with the Central pay scales. Due to these developments and other unavoidable circumstances we will have to be extremely careful to avoid all wasteful expenditure and tap every possible revenue earning sources,” he added.
 
The Centre, said Gogoi, had restructured the centrally sponsored schemes and reduced the number to 66. From next year the central share under the centrally sponsored schemes will be routed through the consolidated fund of the state and it will budgeted as ‘central plan’ assistance to the state. Since a clear picture of the central plan assistance and other central transfers to the state, which is substantial, would emerge only after the regular budget of the centre, therefore, he said, he was presenting an interim budget for 2014-15 today.