According to the Economic Survey released by the Goa government for the state, the loans given to the mining related industry like barge industry could turn into non performing assets (NPA), owing to stoppage of iron ore extraction activity.
Data from the survey shows that the financial exposure of barge owners to the banks and financial institution is over Rs 500 crore, out of which Rs 150 crore is owed to the Goan cooperative banks.
The people employed under the barge industry are around 6,000. Around 30,000 people are indirectly employed in this industry through workshops, ports, jetties, trucks, services, offices and others, the survey data showed.
Another notable development is that credit to mining industry grew at a tepid pace in 2012 because of ban on iron ore mining. The advance (loan) levels in various financial institutions including bank in the state as on September 2012, when mining activity stopped, was at Rs 11,858.64 crore as against the level of Rs 11,818.68 crore as on March 2012, which indicated an marginal rise.
But the advances level decreased in the quarter ending September 2012 by Rs 97 crore compared to the quarter ending June 2012, the survey said.
The decline in the level of advances is mainly on account of adverse impact of mining activity in the state, the survey notes.
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