Aizawl: Mizoram’s Gross State Domestic Product (GSDP) has increased by 15.62 per cent during fiscal 2020-21, according to a report of the Comptroller and Auditor General of India (CAG).
The report tabled in the assembly by Chief Minister Zoramthanga on Wednesday said that the growth rate of the state GSDP at current prices during 2016-21 ranged between 12.76 percent to 15.62 percent.
During 2020-21 fiscal the GSDP at the current price was Rs 29,076 crore against Rs 25,149 crore in 2019-20 representing an increase of 15.62 percent, it said.
During five years from 2016-2017 to 2020-2021, there has been a significant decrease in the growth rate of the primary sector in GSDP, declining from 18.16 percent in 2016-17 to 11.15 percent in 2020-21, while the growth in the secondary sector remained more or less steady, the report said.
The tertiary sector continues to be the largest contributor to the GSDP.
The CAG report said that the state government was unable to maintain a revenue surplus during the year for the first time since 2014-2015.
Fiscal deficit-GSDP ratio and Debt-GSDP ratio as targeted in the MTFPS were also not met, it said.
The revenue deficit during 2020-21 stood at Rs 774.13 crore and the fiscal deficit at 6.43 percent of GSDP could not be kept below the targeted 6.40 percent.
Even though the state government was unable to meet the targeted ratio of Debt to GSDP, it declined to 33.98 per from the previous year’s ratio of 34.51 percent.
During 2020-21, the fiscal deficit stood at Rs 1,869.31 crore.
Components of fiscal liabilities exhibited upward movement for the current year with increase in internal debt (Rs 768.17 crore), public account liabilities (Rs 209.40 crore) and loans from the Centre (Rs 225.25 crore), the report said.
As a result, total outstanding liabilities for the year stood at Rs 9,881.09 crore which was 33.98 percent of GSDP and thus, failed to meet the target of 27.85 percent, it said.
Both the revenue deficit and fiscal deficit of the state was understated by Rs 15.84 crore due to non-provision of interest and non-contribution to designated funds, it said.
The CAG has suggested that the state government make more efforts to increase its tax and non-tax revenues to make up for the revenue deficit in the state.
It also asked to adhere to the target of the MFRBM Act set for fiscal deficit.
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