As per the CAG report of state financial audit of Goa for the year ended in March 2023, the state has achieved majority of targets under FRBM Act and Rules.
Goa chief minister Pramod Sawant holds the finance portfolio. Under Sawant, the fiscal parameters have shown tremendous improvement after the disastrous COVID period. This has been taken note of by the CAG in its report.
The impact of Covid is visible in the state government financial performance till 2021-22. However, the actual turn around happened in 2022-23.
The state government managed to increase its revenue surplus exponentially from Rs. 59 crores in 2021-22 to Rs.2,400 crores in 2022-23, indicating a strong revenue base to meet its committed expenses.
With the increase in revenue, the state remarkably brought the fiscal deficit under control. The actual fiscal deficit to GSDP ratio decreased over the last 2 years from 3.18% to just 1.13%, indicating that the government has borrowed very less to meet its expenses.
The outstanding guarantees have been reduced from Rs. 662 crores in 2021-22 to Rs. 405 crores in 2022-23,However, the state has exceeded the ceiling of outstanding debt to GSDP ratio of 25 percent. The government sources tell ET that the ratio has registered a decline from 33.21% in 2021-22 to 31.57 per cent in. The government terms it as a positive sign as the rate of increase of debt has been reduced for the last 2 years. The CAG in its Audit report has also stated that the state government has succeeded in improving the fiscal parameters such as revenue, fiscal and primary deficit compared to the previous four years.
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