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Maharashtra's Economy Expected to Grow by 12.1% in 2021-22: Economic Survey

PTI

Last Updated: March 10, 2022, 16:23 IST

Mumbai

According to the survey report, the state had recorded a total of 71.70 lakh COVID-19 cases till January 15, 2022. (Representational Image)

According to the survey report, the state had recorded a total of 71.70 lakh COVID-19 cases till January 15, 2022. (Representational Image)

Total debt stock is expected to be Rs 6,15,170 crore which is 19.2% of the Gross State Domestic Product

Maharashtra’s economy is expected to grow by 12.1 per cent in 2021-22, with agriculture and allied activities by 4.4 per cent, industries by 11.9 per cent and services sector by 13.5 per cent, the state’s economic survey report revealed on Thursday.

The state economic survey report, which was tabled in the state legislative Assembly, projected 3 per cent growth in the crops sector, 6.9 per cent in livestock, 7.2 per cent in forestry and logging and 1.6 per cent in fishing and aquaculture. As per the survey, the gross state domestic product (GSDP) for 2021-22 is expected to be Rs 31,97,782 crore, and the per capita income is pegged at Rs 1,93,121 in 2021-22 as against Rs 1,96,100 in 2019-20.

As per budget estimates, the revenue receipts were Rs 3,68,987 crore for 2021-22, as against Rs 2,89,498 crore in 2020-21 as per revenue estimates. The tax and non-tax revenue, including Central grants, as per 2021-22 are Rs 2,85,534 crore and Rs 83,453 crore respectively, the report stated. The revenue expenditure is Rs 3,79,213 crore as per budget estimate of 2021-22, as against revised estimate of Rs 3,35,675 crore during 2020-21.

The percentage of fiscal deficit to the GSDP is 2.1 per cent and debt stock to the GSDP is 19.2 per cent as per the budget estimate of 2021 -22, the report said. According to the survey, the average share of the state in the national GDP is the highest at 14.2 per cent. As per advanced estimates, the per capita state income in 2021-22 is expected at Rs 2,25,073.

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During the Kharif season of 2021-22, sowing was completed in 155.15 lakh hectare area, the report stated. The production of cereals, pulses, oil seeds, cotton and sugarcane, is expected to drop by 11 per cent, 27 per cent, 13 per cent, 30 per cent and 0.4 per cent respectively of the previous year, it said. During the Rabi season 2021-22, sowing was completed on 52.47 lakh hectares land by the end of January. The production of pulses is expected to increase by 14 per cent, while that of cereals and oil seeds are expected to decrease by 21 per cent and 7 per cent respectively over the previous year.

As per the report, 21.09 lakh hectare area in the state is under horticulture crops and the production is expected to be 291.43 lakh hectare. In the period from June 2020 to December 2021, the state had attracted investment proposals worth Rs 1.88 lakh crore with 3.34 lakh expected employment, the survey revealed. There were 10,785 start-ups in the state at the end of October 2021, it was stated.

According to the survey report, the state had recorded a total of 71.70 lakh COVID-19 cases till January 15, 2022. At least 67.60 lakh people have recovered from the infection and the recovery rate stood at 94.3 per cent. As many as 1.42 lakh casualties were reported and the fatality rate was 2 per cent, it said.

Till February 17, 2022, as many as 6.48 crore people in the 18 years and above age category and 0.45 crore children in the 15 to 18 age group, had been vaccinated and 0.14 crore people had taken the precautionary dose.

MAHARASHTRA’S DEBT STOCK IS 19.2 PC OF GSDP: ECONOMIC SURVEY

The total debt stock of Maharashtra is expected to be Rs 6,15,170 crore which is 19.2 percent of the Gross State Domestic Product (GSDP), as per the Economy Survey for 2021-22 tabled in the state legislature on Thursday. The GSDP for 2021-22 is expected to be Rs 31,97,782 crore, it said, adding that at 19.2 percent, debt stock is within the prescribed limit of 25 percent. The debt rose by Rs 76, 866 crore compared to 2020-21.

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first published:March 10, 2022, 16:23 IST
last updated:March 10, 2022, 16:23 IST