maharashtra-s-economy-to-grow-7-6-economic-survey

Maharashtra Deputy Chief Minister Ajit Pawar, who also handles the finance portfolio, tabled the Economic Survey 2023-24 in the Maharashtra Assembly during the monsoon session on Thursday.

 

The survey projects a positive outlook for the state's economy, despite challenges in certain sectors.

 

According to the Economic Survey, Maharashtra's economy, which is the top contributor to the national nominal GDP, is expected to expand by 7.6% in 2023-24.

 

This growth rate aligns with the country's projected growth of 7.6%. The state had recorded a growth rate of 6.8% in the previous fiscal year.

 

The survey provides a detailed analysis of various sectors within the state:

 

1.Agriculture and Allied Activities: This sector, which faced a "scarcity situation," is expected to grow by 1.9%.

2.Industry: The industrial sector is projected to grow by 7.6%.

3.Services: The services sector is anticipated to see an expansion of 8.8%, reflecting robust growth in the last fiscal year.

 

Maharashtra's GSDP at current prices for 2023-24 is projected at Rs 40,44,251 crore, while the real GSDP is estimated at Rs 24,10,898 crore.

 

The GSDP measures the total economic output generated within the state's boundaries over a fiscal year.

 

The total anticipated expenditure for annual schemes in the last financial year was Rs 2,31,651 crore, with Rs 20,188 crore allocated towards district annual schemes.

 

Revenue receipts for 2023-24 are expected to be Rs 4,86,116 crore, up from Rs 4,05,678 crore in the previous fiscal. Revenue expenditure for the same period is projected at Rs 5,05,647 crore, compared to Rs 4,07,614 crore the year before.

 

The annual credit plan size for the state's priority sector for 2023-24 is Rs 6.51 lakh crore. Within this, the agriculture and allied activities sector is allocated 25.9%, while the micro, small, medium enterprises (MSMEs), and khadi and village industries sector are allocated 55.6%.

 

The per capita state income for 2022-23 was Rs 2,52,389, an increase from Rs 2,19,573 in the previous fiscal year. Maharashtra continues to have the highest average share in the all-India nominal GDP at 13.9%.