Maharashtra to Grow at 7.3 Per Cent in 2017-18, States Economic Survey
New Delhi, Mar 8: Ahead of Budget, Maharashtra Finance minister Sudhir Mungantiwar on Thursday tabled state’s economic survey in the legislative assembly. The survey stated that state will grow at 7.3 per cent (in 2017-18) is against the 10 per cent growth projected during 2016-17. It also highlighted that the state was able to break the vicious circle of bad monsoons resulting in low agricultural productions.
During 2016-17, the agriculture production was higher on account of good rains. However, during 2017-18 the agriculture and allied sector is expected to register (-) 8.3 per cent due to less rains (84.3 per cent of normal rains) as compared to last year.
Last year’s economic survey had said that the agriculture sector was expected to grow by 12.5 per cent. This year’s report says that in 2016-17, the agriculture production was higher on account of good rains (94.9 per cent of normal rains).
The production of pulses, cereals, oilseeds and cotton is expected to decrease, while the production of sugarcane is expected to go up, it said.
According to the survey, the industry and services sectors are expected to grow at 6.5 per cent and 9.7 per cent respectively. Maharashtra’s per capita income is expected to be at Rs 1,80,596 and it is the leading state among major states in the country.
The percentage of debt stock to GSDP was expected to be 16.6 in 2017-18 as compared to 16.4 in 2016-17. The fiscal limit stipulated under Consolidated Fiscal Reform in 2017-18 is 22.2, while in 2016-17 it was 22.1.
Till February 7, 2018, about 2.2 crore bank accounts were opened in the state under the Pradhan Mantri Jan Dhan Yojana with deposits of about Rs 4,304 crore. Of the total accounts opened, about 26 per cent had zero-balance.
As per the report, the installed capacity of electricity in the state was 35,468 MW as on December 31, 2017.
In 2016-17, the power transmission and distribution losses were 3.6 per cent and 14.7 per cent respectively. The unemployment rate was 2.1 per cent in the state during 2015-16.
During 2017-18, enrolment in primary schools was 159.09 lakh, while in secondary and higher secondary schools it was 66.48 lakh. In the magnetic Maharashtra summit, total 4,108 proposals with an investment of Rs 12.07 lakh crore and proposed employment of 36.77 lakh were signed.