44,000 jobs lost in Maharashtra in demonetisation year, says state Economic Survey; document red flags reducing number of industries

Some 44,000 jobs were lost in Maharashtra in 2016-17, the fiscal year when the decision of demonetisation was announced by the Centre, according to the state's Economic Survey.

Press Trust of India March 05, 2020 22:06:04 IST
44,000 jobs lost in Maharashtra in demonetisation year, says state Economic Survey; document red flags reducing number of industries
  • Some 44,000 jobs were lost in Maharashtra in 2016-17, the fiscal year when the decision of demonetisation was announced by the Centre, according to the state's Economic Survey.

  • The survey, tabled in the House on the eve of budget presentation, also shows that number of industries is reducing in the state consecutively in the last three financial years.

  • Other indicators such as profit and net value added saw a slight drop in 2016-17, but picked up again in 2017-18, it said.

Mumbai: Some 44,000 jobs were lost in Maharashtra in 2016-17, the fiscal year when the decision of demonetisation was announced by the Centre, according to the state's Economic Survey tabled in the legislative council on Thursday.

The survey, tabled in the House on the eve of budget presentation, also shows that number of industries is reducing in the state consecutively in the last three financial years. It said in FY 2016-17, when demonetisation of high value currency notes was announced by Prime Minister Narendra Modi (on 8 November, 2016), the employment indicator reported a "correction" of 44,000 jobs.

44000 jobs lost in Maharashtra in demonetisation year says state Economic Survey document red flags reducing number of industries

File image of a protest against demonetisation. PTI

The indicator in the Economic Survey 2019-20 stated that industries in the state in fiscal 2015-16 had a total number of 19.70 lakh employees. The number got reduced by some 44,000 in 2016-17, when the employment figure was 19.26 lakh.

The figure surged again in 2017-18 when the employment indicator increased to 20.10 lakh, the survey said.

In 2015-16, there were 28,210 industries in the state which reduced to 27,010 in 2016-17 and further dropped to 26,393 by the end of 2017-18. The survey, however, stated that the figures of 2017-18 are provisional.

Other indicators such as profit and net value added saw a slight drop in 2016-17, but picked up again in 2017-18, it said.

The survey said the working capital of industries in the state was Rs 2,32,334 crore in 2015-16, which reduced to Rs 2,02,557 crore in the following fiscal and further to Rs 1,17,152 crore in 2017-18. Other indicators presented a mixed trend in these three financial years, the survey revealed.

In FY 2015-16, gross value added of the industries was Rs 2,48,476 crore which slipped to Rs 2,42,152 crore in the following fiscal. However, the indicator jumped in the next fiscal (2017-18) to Rs 2,64,903 crore, it said.

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