Maha Economic Survey Pegs 2022-23 Growth At 6.8 Percent

Maharashtra’s economy is expected to grow by 6.8 percent in 2022-23 against the projected 7 percent growth of the national economy, the state’s annual Economic Survey report said.

The projected growth showed a decline compared to the 9.1 percent growth in 2021-22.

Deputy Chief Minister Devendra Fadnavis who also holds the finance portfolio tabled the survey report for 2022-23 in the Assembly on Wednesday, a day ahead of the state Budget.

The agriculture and allied activities sector will grow by 10.2 percent in the outgoing fiscal, it said.

The industrial sector is expected to grow by 6.1 percent and the services sector by 6.4 percent.

The figures mostly showed a decline compared to 2021-22 when the overall growth of the state economy was 9.1 percent, the agriculture and allied sector’s growth stood at 11.4 percent, industrial growth at 3.8 percent and the services sector’s growth was 10.6 percent.

As per advanced estimates, the nominal (at current prices) gross state domestic product (GSDP) for 2022-23 is expected to be Rs 35,27,084 crore, the survey said.

The real (at constant 2011-12 prices), GSDP is expected to be Rs 21,65,558 crore.

The average share of Maharashtra in the all-India nominal GDP was the highest among the states at 14 percent, the report said.

As per the advanced estimates, the per capita state income for 2022-23 is expected to be Rs 2,42,247 against Rs 2,15,233 in 2021-22.

Maharashtra stood fifth in terms of per capita income during 2021-22 when Karnataka led the states with a per capita income of Rs 2,78,786.

The percentage of fiscal deficit to GSDP is 2.5 and that of debt stock to GSDP is 18.4.

Maharashtra received 119.8 percent of the normal rainfall during 2022, the report noted.

During the Kharif season of 2022-23, sowing was completed on 157.97 lakh hectares. The production of cereals, oil seeds, cotton, and sugarcane is expected to increase by 10 percent, 19 percent, five percent, and four percent during the season, respectively.

The production of pulses is expected to decrease by 37 percent 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 percent while that of cereals and oilseeds is expected to decrease by 13 percent over the previous year, the report said.

The Foreign Direct Investment inflow from April 2000 to September 2022 was Rs 10,88,502 crore which was 28.5 percent of the total FDI inflow in the country, the report said.

As per the India State of Forest Report (ISFR) 2021, the total forest cover in Maharashtra was 50,798 sq km, an increase of 20 sq km over that reported in ISFR 2019.

The forest cover in the state accounts for 16.5 percent of the total geographical area against the goal of 33 percent envisaged in the National Forest Policy, the Economic Survey noted.

Sources PTI