Thursday, 18 October 2012

Goa's great mining plunder - Part 4

Goa’s public debt

Sebastian Rodrigues, October 2011
With such a huge earnings from mining industry it is but natural to expect very high quality life for the citizens in Goa. Yet this is not the case. In spite of such a huge earnings Goa’s financial health is very precarious. Goa is leaving on loans and debt has reached roof tops. Let us examine the position of the state that has earned so much from export of iron ore over 76 lakh crore rupees in the past three years alone. 

In the consolidated fund of Goa – Capital account Receipts Actuals of public debt for 2009-2010 was at Rs. 63199.13 lakhs (Rupees six hundred thirty one crore ninety nine lakhs thirteen thousand). Loans and advances are effected for education, sports, Arts, Culture, medical and Public health, housing, urban development, welfare of SC,ST, and OBC, social security and welfare, relief on account of natural calamities, Crop husbandry, Soil and Water conservation, animal husbandry, fisheries, cooperation, rural development programme, major and medium irrigation, village and small scale industries, industries and minerals, tourism, and government servants. In 2011-2012 this Public debt is estimated to increase to Rs.81315.00 lakhs (Rupees Eight Hundred thirteen crore fifteen lakh). 

2011-2012 budget: total revenue account receipts are of Rs.586916.11 lakhs (rupees five thousand eight hundred sixty nine crore sixteen lakhs eleven thousand). Total revenue account disbursements are Rs. 604119.20 lakhs (Rupees six thousand forty one crore nineteen lakh and twenty thousand). The budget deficit for 2011-2012 is Rs.17203.09 lakhs (Rupees hundred and seventy two crore three lakh nine thousand)

When there is such a huge earning from mining industry it is absurd for the state of Goa to have any public debt and deficit budgets. This is a result of deliberate bamani efforts to destroy Goa economically. With so much of earnings from iron ore exports there is absolutely no reason for this kind of situation to come about. Public debt is created and then allowed to grow for systematic collapse of Goa. Current Bamani rule in Goa has sadist aspiration: total loot of the state treasury. Bamani rule is doing in Goa exactly what is being done at the central government level.

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