Maharashtra economy expected to grow by 6.8 per cent in 2022-23: Economic Survey
Maharashtra's economy is expected to grow by 6.8% in FY 23, as opposed to the projected growth of the Indian economy by 7%. The agriculture and allied activities sector will grow by 10.2% in the state, while the industry sector is expected to grow...
By ET Bureau | Updated:
ANI
The Economic Survey report tabled in the Maharashtra assembly on Wednesday estimates the state's economic growth this fiscal year to be 6.8%, falling short of the 7% expansion projected for India's gross domestic product.
The economic expansion in Maharashtra, the biggest contributor to national GDP, was estimated at 12.1% for the last fiscal year ended March 31, 2022.
The main drag on growth has come from the industrial sector, where the pace is projected to slow to 6.1% from 11.9% last fiscal year, and in services where the estimate now is for a 6.4% increase compared with 13.5% in FY22.
The pace of growth, though, has picked up in the agriculture and allied sectors, with the estimate now putting it at 10.2% compared with 4.4% the year earlier.
The Economic Survey tabled in Parliament on January 31 had projected the country's GDP to grow 7% this fiscal year, compared with 8.7% in FY22.
On Thursday, Maharashtra deputy chief minister Devendra Fadnavis will present the first budget of the Eknath Shinde government that came to power last year.
As per the advance estimates for Maharashtra, nominal (at current prices) gross state domestic product (GSDP) for 2022-23 is expected to be ₹35,27,084 crore and real (at constant 2011-12 prices) GSDP at ₹21,65,558 crore.
The per capita state income for 2022-23 is estimated to have increased to ₹2,42,247 from ₹2,15,233 last fiscal year. The state was fifth in terms of per capita income during 2021-22, when Karnataka led with ₹2,78,786.
The percentage of the fiscal deficit to the GSDP is projected at 2.5% and the debt stock to GSDP at 18.4%.
The survey estimates kharif season production of cereals, oil seeds, cotton and sugar cane to be higher by 10%, 19% and 5%, respectively, while the output of pulses to be lower by 37%, compared with the previous year.
During the rabi season, production is projected to be 34% higher for pulses and 13% lower for cereals and oil seeds.
The state has disbursed crop loans of ₹38,083 crore and agricultural term loans of ₹33,905 crore so far this fiscal year.
The economic expansion in Maharashtra, the biggest contributor to national GDP, was estimated at 12.1% for the last fiscal year ended March 31, 2022.
The main drag on growth has come from the industrial sector, where the pace is projected to slow to 6.1% from 11.9% last fiscal year, and in services where the estimate now is for a 6.4% increase compared with 13.5% in FY22.
The pace of growth, though, has picked up in the agriculture and allied sectors, with the estimate now putting it at 10.2% compared with 4.4% the year earlier.
The Economic Survey tabled in Parliament on January 31 had projected the country's GDP to grow 7% this fiscal year, compared with 8.7% in FY22.
On Thursday, Maharashtra deputy chief minister Devendra Fadnavis will present the first budget of the Eknath Shinde government that came to power last year.
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As per the advance estimates for Maharashtra, nominal (at current prices) gross state domestic product (GSDP) for 2022-23 is expected to be ₹35,27,084 crore and real (at constant 2011-12 prices) GSDP at ₹21,65,558 crore.
The per capita state income for 2022-23 is estimated to have increased to ₹2,42,247 from ₹2,15,233 last fiscal year. The state was fifth in terms of per capita income during 2021-22, when Karnataka led with ₹2,78,786.
The percentage of the fiscal deficit to the GSDP is projected at 2.5% and the debt stock to GSDP at 18.4%.
The survey estimates kharif season production of cereals, oil seeds, cotton and sugar cane to be higher by 10%, 19% and 5%, respectively, while the output of pulses to be lower by 37%, compared with the previous year.
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During the rabi season, production is projected to be 34% higher for pulses and 13% lower for cereals and oil seeds.
The state has disbursed crop loans of ₹38,083 crore and agricultural term loans of ₹33,905 crore so far this fiscal year.
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