Goa, which has been reeling under the twin blows of loss of revenue from mining and fewer tourist footfalls, is likely to be the worst-hit as Covid-19 pandemic drags down the economy in 2020-21 and may see a contraction of 14.3%.
The state is likely to face the steepest contraction, followed by Gujarat, credit rating agency India Ratings and Research (Ind-Ra) said in a recently released report. Assam and Sikkim are also expected to witness a double-digit contraction in gross state domestic product (GSDP) growth, the Fitch Group company said.
For the financial year ended March 31, 2020, Goa’s GSDP stood at Rs 84,889 crore and was expected to grow 8.7% to Rs 92,260 crore in this fiscal.
Goa’s economy relies heavily on tourism, mining and manufacturing, which have seen a significant impact. The contraction in the economy has already affected the state’s revenues with first quarter GST collections being reduced by 74%.
The News 24 Goa