MUMBAI: Maharashtra’s economy is expected to grow at 5.7 per cent during 2019-20, marginally down from the last fiscal’s projection of six per cent, the Economic Survey presented in the State Legislature on Thursday said.
The agriculture and allied activities are expected to grow at 3.1 per cent, it said.
The survey said the industry and services sectors are expected to grow at 3.3 per cent and 7.6 per cent, slower than the previous fiscal’s 5.5 per cent and 8.1 per cent respectively.
The average share of the State’s contribution is 14.3 per cent among all states in the All India nominal GDP. Nominal GSDP is expected to increase by Rs 2,45,791 crore.
The per capita State income is expected to be Rs 2,07,727. The GSDP is expected to be Rs 28,78,583 crore, it added.
The revenue deficit is Rs 20,293 crore, fiscal deficit Rs 61,670 crore and the debt stock was Rs 4,71,642 crore, the report said.
Maharashtra witnessed an average rainfall of 73.6 per cent of the average during 2018-19.
In 2018-19, the production of food grains and fruits, and vegetables decreased by 27.3 per cent and 10.1 per cent respectively, whereas sugarcane, oilseeds and cotton increased by 8 per cent, 16.1 per cent and 8.2 per cent respectively over the previous year.
The survey said the unemployment rate from January to March 2019 was 8.3 per cent as compared to 9.6 per cent in October to December 2018.
FDI inflows were Rs 25,316 crore, which is less as compared to Rs 80,013 crore in 2018-19 and Rs 86,244 crore in 2017-18.
The State received 112.6 per cent rainfall during the monsoon of 2019.
Production of cereals, pulses, oilseeds and cotton is expected to increase by nine per cent, three per cent, one per cent and 24 per cent respectively, while the production of sugarcane is expected to go down by 36 per cent as compared to the previous fiscal.
During 2019-20, the area under rabi crops is 50.87 lakh hectares, which is 5.6 per cent more as compared to the previous year.
The production of cereals and pulses is expected to go up by 43 per cent and 23 per cent respectively, while the production of oilseeds is expected to decrease by 24 per cent.
The survey said that Mahatma Jyotirao Phule Farm Waiver Scheme 2019 has been approved (by the MVA government) to waive overdue loans borrowed between April 1, 2015, and March 31, 2019, up to Rs two lakh, including the principal amount and the interest, as on September 30, 2019.
Unseasonal rains during October-November 2019 due to cyclones Kyarr and Maha, affected agriculture and horticulture crops from 349 talukas in 34 districts, the report said.
Compensation for Rs 8,000 per hectare for agriculture crops and Rs 18,000 per hectare for horticulture crops was sanctioned, added the report.