JK economy in a free fall, Economic Survey 2017 reveals

Published at January 14, 2018 12:58 AM 0Comment(s)7371views


JK economy in a free fall, Economic Survey 2017 reveals

Faisul Yaseen

Jammu, Jan 13:

 The Jammu Kashmir economy is in a free fall, Economic Survey 2017 reveals.
The survey prepared by the government has painted a grim picture of the progress in the major sectors of the State’s economy during the past three years.
The progress in agriculture and allied sectors, at the constant prices of 2011-12, fell from 24.74 percent in 2015-16 to 2.49 percent in 2016-17 and 8.37 percent in 2017-18, and according to rough estimates, it has been predicted at 6.81 percent for 2018-19.
Similarly, the progress in the industry sector, at the constant prices of 2011-12 fell from 26.15 percent in 2015-16 to 3.43 percent in 2016-17 to 6.81 percent in 2017-18 percent with rough estimates predicting it at 5.99 percent in 2018-19.
The progress in the services sector too fell from 10.77 percent in 2015-16 to 1.40 percent in 2016-17 and 8.16 percent in 2017-18 with prediction of 5.66 percent in 2018-19.
Similarly, the progress trend in three major sectors of the economy at current prices also witnessed a downward slide.
The progress in agriculture and allied sectors, at current prices fell from 39.45 percent in 2015-16 to 8.47 percent in 2016-17 and 9.37 percent in 2017-18 and is estimated at 10.63 percent in 2018-19.
Similarly, the progress trend in the industry sector fell from 9.70 percent in 2015-16 to 3.80 percent in 2016-17 and 9.37 percent in 2017-18 with estimation of 8.40 percent for 2018-19.
In the services sector too, the progress fell from 18.12 percent in 2015-16 to 6.45 percent in 2016-17 and 11.11 percent in 2017-18 with estimates of 11.15 percent predicted for 2018-19.
The growth trend of other sectors at the constant prices of 2011-12 too is grim.
The Mining and quarrying sector witnessed a downward growth trend from 128.16 percent in 2015-16 to -44.42 percent in 2016-17 which improved in 2017-18 at 82.96 but is again predicted to fall to 8.83 percent in 2018-19.
Similarly, the manufacturing sector growth trend fell from11.62 percent in 2015-16 to 5.46 percent in 2016-17 and 6.25 percent in 2017 and is estimated to be 6.49 percent in 2018-19.
The growth trend in the electricity, gas, water supply and other utility services is also witnessing a major fall from 70.29 percent in 2015-16 to 3.79 percent in 2016-17 and 6.28 percent in 2017-18, and has been predicated at 6.32 percent for 2018-19.
The trade, repairs, hotel and restaurants also witnessed a fall in the growth trend from 16.73 percent in 2015-16 to -10.30 percent in 2016-17 and 14.55 percent in 2017-18 with predication of 6.03 percent for 2018-19.
Similarly, the transport, storage, communication and services related to broadcasting witnessed a negative growth trend from 11.22 percent in 2015-16 to 2.35 percent in 2016-17 and 7.88 percent in 2017-18 and having prediction of 6.56 for 2018-19.
The financial services growth trend fell from 4.88 percent in 2015-16 to 4.35 percent in 2016-17, however, the trend improved to 7.08 percent in 2017-18 but is again predicted to fall to 5.18 percent in 2018-19.
In the real estate, ownership of dwelling and professional services, the growth trend fell from 2.36 percent in 2015-16 to 1.17 percent in 2016-17 but improved to 2.33 percent in 2017-18 and is predicated to further improve to 2.68 percent in 2018-19.
The public administration and defence witnessed the fall in the growth trend from 23.51 percent in 2015-16 to 6.90 percent in 2016-17, which improved to 9.58 percent in 2017-18 but is slated to witness a downslide to 7.12 percent.
Similarly, the Gross State Domestic Product (GSDP) estimates at the constant prices of 2011-12 too witnessed a downward slide.
The GSDP of forestry and logging fell from 1.93 percent in 2014-15 to 1.66 percent in 2015-16, which further fell to 1.61 percent in 2016-17 and 1.51 percent in 2017-18 and is estimated to fall to 1.45 percent in 2018-19.
The GSDP of the fishing and aquaculture fell from 0.42 percent in 2014-15 to 0.37 percent in 2015-16 and 2016-17, which further fell to 0.34 percent in 2017-18 and are slated to further fall to 0.33 percent in 2018-19.
The GSDP of mining and quarrying fell from 0.68 percent in 2015-16 to 0.37 percent in 2016-17, which improved to some extent to 0.63 percent in 2017-18 and is slated to be 0.64 percent in 2018-19.
In the manufacturing sector, the GSDP fell from 10.08 percent in 2014-15 to 9.63 percent in 2015-16, 9.94 percent in 2016-17 and 9.80 percent in 2017-18 and is estimated to be 9.85 percent in 2018-19.
The GSDP of the construction sector fell from 8.66 percent in 2014-15 to 7.79 percent in 2015-16, 7.98 percent in 2016-17, 7.75 percent in 2017-18 and is estimated at 7.66 percent in 2018-19.
The transport, storage, communication and services related to broadcasting sector GSDP also witnessed a decline from 8.29 percent in 2014-15 to 7.89 percent in 2015-16, 7.91 percent in 2016-17 and 2017-18, and is predicated at 7.96 percent in 2018-19.
The GSDP of the financial services sector witnessed a fall from 4.60 percent in 2014-15 to 4.13 percent in 2015-16, 4.22 percent in 2016-17 and 4.19 percent in 2017-18 while it is estimated at 4.16 percent in 2018-19.
The real estate, ownership of dwelling and professional services witnessed a downward trend from 13.74 percent in 2014-15 to 12.04 percent in 2015-16 which fell further to 11.92 percent in 2016-17 and plunged to 11.32 percent in 2017-18 while it is predicated to be 10.97 percent for 2018-19.
The GSDP of other services also fell from 9.35 percent in 2014-15 to 8.07 percent in 2015-16, 8.20 percent in 2016-17, 8.23 percent in 2017-18, and is predicated at 8.23 percent in 2018-19 too.
The overall services sector witnessed a downward plunge from 59.37 percent in 2014-15 to 56.30 percent in 2015-16, 55.89 percent in 2016-17 and 56.07 percent in 2017-18 and is estimated at 55.92 percent in 2018-19.

faisul@risingkashmir.com

 

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