Gogoi, who also holds the Finance portfolio, said, “As per advance estimate, the GSDP at constant prices (2004-2005) for 2013-2014 reflected a growth of 5.87 percent.”

“The GSDP at current prices during 2012-13 with a 'quick estimate' is 12.56 percent higher than 2011-12,” he added, while presenting the Interim Budget for 2014-2015 in the Assam Assembly.

Gogoi said that the state has withstood the pressure of global recession and fiscal compression since 2008.
"While I am confident that I shall be able to maintain this trend in the coming days too, I would, however, like to put in a word of caution. The overall national growth rate continues to be much below expectation. Our state cannot remain totally insulated for long from global and national economic trends," he said.
The state witnessed revenue surplus of Rs 1,554 crore in 2012-13, he added.
"The fiscal deficit has also turned into a surplus of Rs 1,516 crore and the fiscal deficit to GSDP ratio has come down to (-) 1.06 percent of GSDP during 2012-13 as compared to 1.43 percent in 2011-12," Gogoi said.
Also, the interest payment to total revenue receipts has gone down to 6.87 percent in last fiscal from 18.62 percent in 2003-04, he said.
Gogoi further said that the state government will also revise salaries of its employees in line with the seventh pay commission, which has already been constituted by the Centre.
"Due to these developments and other unavoidable circumstances, we will have to be extremely careful and avoid all wasteful expenditure and tap every possible revenue earning sources," the Chief Minister said.
The state government will present its full budget for 2014-15 only after the Centre unveils its full budget for the next fiscal post the Lok Sabha elections.
"To defray the obligatory and other necessary expenses, I seek vote-on-account on the demand for grants for an aggregate amount of Rs 28,467.20 crore for the period from 1st April 2014 to 30th September 2014," Gogoi said.


Latest News from State News Desk