Porvorim: Chief Minister Pramod Sawant presented a revenue surplus budget with the GSDP at current prices for the year 2025-26, projected at Rs. 1,38,624.86 crore, with a growth rate of 14.27 percent.
The Budget document has projected Goa’s per capita income to be Rs. 9.69 lakh for the year 2025-26, portraying a robust and healthy economy.
The estimated receipts for the FY 2025-26 are projected at Rs. 27,993.97 crore, showing a rise of 13.02% over the R.E. 2024-25. The total gross expenditure is estimated to be Rs. 28,162 crore, of which Rs. 20,299 crore is for Revenue Expenditure and Rs. 7,863 crore is for Capital Expenditure. In FY 2025-26, there is a heavy repayment of the principal amount of Rs. 1,504 crore for Open Market Borrowings done ten years earlier, which is an additional Rs. 704 crore rise from the repayment of Rs. 800 crore done in FY 2024-25.
The Chief Minister said that due to ‘Double Engine Sarkar’, the state was able to get ‘Special Assistance for Capital Investment’ to the extent of Rs. 1,520 crore from the Government of India in FY 2024-25, which is the highest in the history of the State Government. The same trend is expected to continue in this financial year as well.
Fiscal Reforms
The Chief Minister said the effect of various fiscal reforms undertaken by his government is visible in the audit reports compiled by the CAG every year.
“We ended FY 2023-24 with a Revenue Surplus of Rs. 1,423 crore and have been able to achieve the majority of the targets set under the Fiscal Responsibility and Budget Management Act. The revenue surplus is projected at Rs. 2,403 crore in FY 2025-26. Furthermore, the ratio of total outstanding debt to GSDP has also seen a declining trend due to the strict debt sustainability policy adopted by my government.”
The Union Finance Commission for the year 2025-26 has capped the Fiscal Deficit to GSDP ratio at 3.5%. Additionally, the Finance Commission has allowed un-utilized borrowings to be carried forward to the next financial year. This year, we have borrowed only Rs. 1,050 crore as of now from the open market, as against the limit of Rs. 4,500 crore. The Fiscal Deficit for FY 2025-26 is estimated to be Rs. 2,826.44 crore, which is well within the limits prescribed by the 15th Finance Commission.
