Maharashtra Economic Survey: State Expected To Grow At 6.8 Per Cent For FY23

Maharashtra Finance Minister and Deputy Chief Minister Devendra Fadnavis on Wednesday tabled the Economic Survey for the year 2022-23 in the state Assembly

The first Budget of the Eknath Shinde-led administration will be unveiled tomorrow.

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A day before the presentation state's annual Budget for the financial year 2023-24, Maharashtra Finance Minister and Deputy Chief Minister Devendra Fadnavis on Wednesday tabled the Economic Survey for the year 2022-23 in the state Assembly.

Maharashtra's economic survey for 2022-23 forecasts a growth rate of 6.8 per cent. This is lower than the growth rate of the Indian economy which is projected at 7 per cent by the survey. The state's growth rate is also lower in comparison to the growth rate of 2021-22, which was 9.1 per cent. 

The economic survey estimates a decline in the growth rate of the agricultural sector and the services sector but an improvement in the growth rate of the industrial sector. The growth rate of the agriculture and allied services sector for 2022-23 is estimated to be 10.2 per cent compared to 11.4 per cent in 2021-22. The growth rate of the industrial sector is estimated at 6.1 per cent compared to 3.8 per cent the previous year. The growth rate of the services sector is estimated to be 6.4 per cent compared to 10.6 per cent the previous year. 

The per Capita State Income for 2022-23 is expected at Rs 2,42,247 as against Rs 2,15,233 for 2021-22. In the previous year of 2021-22, the per capita state income was lower than Karnataka, Haryana, Telangana, and Tamil Nadu. The nominal GSDP of the state is estimated at Rs 35,27,084 compared to Rs 31,08,022 in 2021-22. 

The first budget of the Eknath Shinde-led administration will be unveiled tomorrow as part of the ongoing budget session of the Maharashtra Assembly.

According to the economic survey for 2022-23, the percentage of the fiscal deficit to GSDP is 2.5 per cent and the debt stock to GSDP is 18.4 per cent as of 2022-23. The state received 119.8 per cent of the normal rainfall during 2022, and sowing was completed on a 157.97 lakh ha area during the Kharif season of 2022-23. 

The production of cereals, oil seeds, cotton, and sugarcane is expected to increase by 10 per cent, 19 per cent, 5 per cent, and 4 per cent, respectively, while the production of pulses is likely to decrease by 37 per cent over the previous year. During the rabi season of 2022-23, sowing was completed on 57.74 lakh hectares. The production of pulses is expected to increase by 34 per cent while the production of cereals and oilseeds is expected to decrease by 13 per cent over the previous year, as per the survey.