Covid hits Maharashtra’s per capita income

MUMBAI:  The pandemic-battered economy of Maharashtra has registered a big decline in per capita income and is estimated to see a negative growth of eight per cent during 2020-21. The per capita income has gone down from Rs 2.02 lakh in 2019-20 to Rs 1.88 lakh, which amounts to a fall of almost Rs 13,000 in individual income, according to state Economic Survey tabled in the Assembly by Finance Minister Ajit Pawar on Friday.

Underscoring the grim situation, the Survey revealed that the industries and the service sector had been the worst hit by the Covid-19 outbreak and subsequent lockdown. Of the three major GDP contributing sectors, only agriculture saw positive growth. In the next fiscal, too, the industry and service sectors are expected to see negative growth of 11.3 per cent and 9 per cent, respectively, while the agriculture and allied activities sector is expected to grow at 11.7 per cent, riding on good monsoon. 

In agriculture,  the crops sector is expected to grow by 16.2 per cent, while livestock, forest-logging and fisheries sectors are expected to grow at 4.4 per cent, 5.7 per cent and 2.6 per cent, respectively. The negative growth of 11.8 and 14.6 per cent, respectively, in manufacturing and construction sectors have hit industrial growth.

Impact of the pandemic on trade, hospitality and transport which registered negative 20.4 per cent growth has hit the services sector. The mining and quarrying sector registered minus 12.1 per cent growth.  
Maharashtra’s contribution to India’s GDP growth is 14.2 per cent, highest among all states. The state’s GDP growth is expected to decline by nearly Rs 1.6 lakh crore during 2020-21 as compared to 2019-20.