Key sectors witnessing slump in growth, says ESR report

Jammu: The latest Economic Survey Report (ESR) tabled by the government in the state legislature has painted a grim picture of the progress in the major sectors of the State’s economy during the past three years.

According to the survey, the Gross State Domestic Product (GSDP) estimates at the constant prices of 2011-12 has witnessed a downward slide from past years.

As per the ESR, the GSDP of forestry and logging has dwindled 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 survey states that the GSDP of fishing and aquaculture witnessed a downward trend 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,” reveals the ESR.

In the manufacturing sector, the survey has revealed that 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.

Similarly, 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.

“GSDP of transport, storage, communication and services related to broadcasting sector 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 ESR has revealed.

It has revealed that 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,” survey reveals.

The survey revealed that the GSDP of other services also have gone down 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.

Further, it has revealed downward plunge in overall services sector 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.

The government survey has revealed that 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.

“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,” the ESR states.

It has revealed that the progress in the services sector too witnessed a downward trend 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.

Also, the progress and the 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,” the survey has revealed.

“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 and 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,” ESR revealed.

The survey has revealed that the growth trend in the electricity, gas, water supply and other utility services was also witnessing a major decline 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.

“Trade, repairs, hotel and restaurants 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 and is predicted to be at 6.03 percent for 2018-19,” it reads.

The survey has revealed that 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.

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