Updated: September 29, 2021 1:32:40 am
Gujarat’s Gross State Domestic Product (GSDP) recorded 10.75 percent growth during the financial year 2019-20, the lowest in the past five years. According to a Comptroller and Auditor General of India (CAG) audit report tabled in the Gujarat Assembly Tuesday, there was a “significant decrease” in the share of industry, agriculture and services sector in the state’s GDP during the five years between 2015-20.
At the same time, Gujarat’s GSDP grew higher than the national GDP of 7.21 percent in 2019-20. GSDP is the value of all the goods and services produced within the boundaries of the state in a given period of time and at current prices, Gujarat GSDP grew the highest (13.79 percent) during 2017-18.
The country’s audit watchdog noted that “there has been a significant decrease in the relative share of industry in GSDP” that fell to 38.19 percent in 2019-20 from 39.72 percent in 2015-16. Similar drop was seen in agriculture and services sectors as well. The share of the agriculture sector fell to 16.60 percent in 2019-20 from 17.57 percent in 2015-16, while during the same period, the share of the services sector fell to 30.97 percent from 31.66 percent. In contrast, the relative share on the taxes on products (minus subsidies) in GSDP increased during the period. The share of taxes rose to 14.25 percent in 2019-20 from the earlier 11.05 percent in 2015-16.
The state’s tax revenue rose to Rs 79,008 crore in 2019-20 from Rs 62,649 crore (in 2015-16) at a compounded annual growth rate (CAGR) of 5.97 percent. SGST (43.17 percent), Sales Tax/VAT (26.67 percent), taxes and duties on electricity (11.11 percent), and stamp duty and registration fees (9.75 percent) were the major contributors to tax revenue during 2019-20.
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