Maharashtra's economy to grow at 5.7% in 2019-20, marginally down from last fiscal's projection of 6%: Economic Survey

Maharashtra's economy is expected to grow at 5.7 percent during 2019-20, marginally down from the last fiscal's projection of six percent, the Economic Survey presented in the state Legislature on Thursday said

Press Trust of India March 05, 2020 17:16:55 IST
Maharashtra's economy to grow at 5.7% in 2019-20, marginally down from last fiscal's projection of 6%: Economic Survey
  • Maharashtra Economic Survey said, the agriculture and allied activities are expected to grow at 3.1 percent in 2019-20

  • The survey said the industry and services sectors are expected to grow at 3.3 percent and 7.6 percent in 2019-20, slower than the previous fiscal's 5.5 percent and 8.1 percent respectively

  • The average share of the state's contribution is 14.3 percent among all the states in the All India nominal GDP, it said.

Mumbai: Maharashtra's economy is expected to grow at 5.7 percent during 2019-20, marginally down from the last fiscal's projection of six percent, the Economic Survey presented in the state Legislature on Thursday said.

The agriculture and allied activities are expected to grow at 3.1 percent in 2019-20, it said.

The survey said the industry and services sectors are expected to grow at 3.3 percent and 7.6 percent in 2019-20, slower than the previous fiscal's 5.5 percent and 8.1 percent respectively.

The average share of the state's contribution is 14.3 percent among all the states in the All India nominal GDP, it said.

Nominal GSDP is expected to increase by Rs 2,45,791 crore in 2019-20 as compared to 2018-19.

The per capita state income in 2019-20 is expected to be Rs 2,07,727.

The GSDP in 2019-20 is expected to be Rs 28,78,583 crore, it added.

Maharashtras economy to grow at 57 in 201920 marginally down from last fiscals projection of 6 Economic Survey

File photo of Maharashtra chief minister Uddhav Thackeray. PTI

The growth rate of the agriculture and allied sector in 2018-19 was negative (-2.2) percent. In 2017-18, the growth rate was -0.7 percent.

The revenue deficit in 2019-20 is Rs 20,293 crore, fiscal deficit Rs 61,670 crore and the debt stock was Rs 4,71,642 crore, the report said.

The percentage of fiscal deficit to GSDP is 2.1 percent and debt stock to GSDP is 16.4 percent.

Both the indicators are within the fiscal limits prescribed by the 14th Finance Commission.

The state witnessed average rainfall of 73.6 percent of the average during 2018-19, less by 10.7 percent in 2017-18.

In 2018-19,the production of food grains and fruits, and vegetables decreased by 27.3 percent and 10.1 percent respectively, whereas sugarcane, oilseeds and cotton increased by 8 percent, 16.1 percent and 8.2 percent respectively over the previous year.

The survey said the unemployment rate in January to March 2019 was 8.3 percent as compared to 9.6 percent in October to December 2018.

Total 37,567 offences were reported in the state in 2019, in which women were victims, as compared to 35,497 in 2018 and 31,997 in 2017, the report noted.

FDI inflows in 2019-20 was Rs 25,316 crore, which is less as compared to Rs 80,013 crore in 2018-19 and Rs 86,244 crore in 2017-18.

Maharashtra was second in the country after Karnataka in terms of FDI in 2019-20, it said.

The state received 112.6 percent rainfall during the monsoon of 2019.

Of the 355 talukas, excluding Mumbai city and suburbs, 152 talukas received excess rainfall, 182 got normal rainfall and 21 received deficient rainfall, the survey report said.

During the kharif season of 2019-20, sowing was completed on 149.61 lakh hectare area.

Production of cereals, pulses, oilseeds and cotton is expected to increase by nine percent, three percent, one percent and 24 percent respectively, while the production of sugarcane is expected to go down by 36 percent as compared to the previous fiscal.

During 2019-20, the area under rabi crops is 50.87 lakh hectares, which is 5.6 percent more as compared to previous year.

Theproduction of cereals and pulses is expected to go up by 43 percent and 23 percent respectively, while the production of oilseeds is expected to decrease by 24 percent.

The survey said that Mahatma Jyotirao Phule Farm Waiver Scheme 2019 has been approved (by the MVA government) to waive overdue loans borrowed between 1 April, 2015 and 31 March, 2019 up to Rs two lakh, including the principal amount and the interest, as on 30 September, 2019.

The state government has provided Rs 15,000 crore during 2019-20 for its implementation.

Irrigation potential created as one 30 June, 2019 by major, medium and minor irrigation (state projects) was 51.23 lakh hectares and the actual irrigated area was 35.97 lakh hectares (70.2 percent) during 2018-19, it said.

The irrigation potential created as on 30 June, 2019 by minor irrigation (local sector) projects was 18.96 lakh hectares and the potential utilised was 8.49 lakh hectares (44.8 percent) during 2018-19.

Unseasonal rains during October-November 2019 due to cyclones Kyarr and Maha, affected agriculture and horticulture crops from 349 talukas in 34 districts, the report said.

Compensation for Rs 8,000 per hectare for agriculture crops and Rs 18,000 per hectare for horticulture crops was sanctioned, the report said.

Updated Date:

also read

Why banning commodity derivatives trade is like throwing baby out with bathwater
Business

Why banning commodity derivatives trade is like throwing baby out with bathwater

In the absence of a futures market, farmers will be forced to sell their produce in the cash market at the prevailing price, which may be lower than their expected price

ICAR recruitment 2021: Application window for over 600 Technician posts closes today
India

ICAR recruitment 2021: Application window for over 600 Technician posts closes today

The submission of the online application started on 18 December 2021

Pregnant forest guard thrashed by ex-sarpanch and wife in Maharashtra's Satara, couple arrested
India

Pregnant forest guard thrashed by ex-sarpanch and wife in Maharashtra's Satara, couple arrested

According to police, the accused Ramchandra Jankar was angry with the forest guard for taking the contractual forest labourers along with her "without his permission"