Maharashtra's economy expected to grow by 7.6 per cent in 2023-24

Maharashtra Deputy Chief Minister Ajit Pawar who also handles the finance portfolio tabled the Economic Survey 202324 in the Maharashtra assembly monsoon session on ThursdayAccording to the states latest Economic Survey Maharashtras economy the top contributor to the national nominal GDP is expected to expand by 76 per cent in 202324 similar to the countrys projected growth of 76 per cent reported PTIThe agriculture and allied activities sector which was hit by the scarcity situation in the state is expected to grow by 19 per cent and the Industry sector by 76 per cent while the services sector is likely to register an expansion of 88 per cent in the last fiscal it saidThe states economy is expected to grow by 76 per cent compared to 68 per cent in the previous year the states latest Economic Survey saidAs per the key document which was tabled in the Maharashtra assembly monsoon session the states gross state domestic product GSDP at current prices for 202324 has been projected at Rs 4044251 crore and real at Rs 2410898 crore reported PTIGSDP indicates the total economic output generated within a states boundaries over a specified period typically a fiscal yearThe average share of the state in the allIndia nominal GDP is highest at 139 per cent The per capita state income for 202223 was Rs 252389 as against Rs 219573 in the previous fiscal it said reported PTIThe percentage of fiscal deficit to GSDP is 28 per cent revenue deficit to GSDP is 05 per cent and debt stock to GSDP is 176 per cent the report saidThe total anticipated expenditure for annual schemes in the last financial year is Rs 231651 crore of which Rs 20188 crore is towards district annual schemes it saidThe revenue receipts are expected to be Rs 486116 crore for 202324 as against Rs 405678 crore in the previous fiscal As per the Survey Maharashtras revenue expenditure in the given period is Rs 505647 crore compared to Rs 407614 crore in the year before reported PTIThe annual credit plan size for the states priority sector for 202324 is Rs 651 lakh crore in which the share of the agriculture and allied activities sector is 259 per cent and that of micro small medium enterprises and khadi and village industries sector is 556 per cent it saidThe state received 864 per cent of the normal rainfall during the monsoon in 2023 Across Maharashtra 19 talukas received excess rainfall 190 received normal rainfall and 146 received deficient rainfall the Economic Survey said reported PTIThe Kharif season of 202324 saw sowing over 15564 lakh hectares For this season the production of cereals pulses oilseeds and sugarcane is expected to decrease by 23 per cent 10 per cent 2 per cent and 17 per cent respectively Cotton production is expected to rise by 3 per cent over 202223During the rabi season of 202324 sowing was completed on 5860 lakh hectares The production of cereals and pulses is expected to go down by 5 per cent and 4 per cent respectively while production of oil seeds is expected to increase by 13 per cent over the previous year it saidThe area under horticulture is expected to be 2240 lakh hectares and production is expected to be 32780 lakh metric tonnesThe agriculture and allied activities sector a key driver of the states economy contributes about 12 per cent of the GSDPThe state ranks second in India in organic farm production 27 per cent after Madhya Pradesh Maharashtras irrigation potential created up to June 2022 by major medium and minor projects was 5560 lakh ha During 202223 the actual irrigated area stood at 4233 lakh ha the Survey saidScarcity situation during the kharif season 2023 affected 40 talukas in 15 districts it said In all 2266 lakh ha of agricultural and fruit crops were affected due to drought and compensation of Rs 244223 crore was sanctioned it said reported PTIBetween November 2023 and January 2024 compensation of Rs 22779 crore was sanctioned to 2396 lakh farmers over 1289 lakh ha of affected areaAccording to the Economic Survey report Maharashtra has remained topped in terms of FDI inflows in the country During 202223 exports from the state contributed to 16 per cent of the total exports from the country it saidWith inputs from PTI