Maharashtra CM Uddav Thackrey (File) MAHARASHTRA’S ECONOMY is set to grow by 12.1 per cent, substantially higher than the 8.9 per cent growth rate that the Indian economy is expected to touch. The revival comes against the backdrop of the 8 per cent shrinking that the state economy suffered due to the impact of the pandemic last year.
As per the findings of the State Economic Survey 2021-22, which was tabled by Deputy Chief Minister and Finance Minister Ajit Pawar in the Assembly, the revival of the economy will be fuelled by the service sector which is expected to grow by 13.5 per cent. The service sector accounts for nearly 60 per cent of the state’s economy and witnessed a nine per cent negative growth last year.
The industry sector is expected to grow by 11.9 per cent while the agriculture & allied activities sector is expected to grow by 4.4 per cent. “Various measures to tackle the pandemic situation, such as complete and partial lockdown, step-by-step opening of economic activities, and vaccination drive are grossly impacting the movements in the economy,” the economic survey states.
The Gross State Domestic Product (GSDP) for 2021-22 is expected to be Rs 31,97,782 crore which contributes to nearly 14.2 per cent share in the all-India nominal GDP. This share is the highest among all the states in the country and a substantial increase over the last four years when this share was between 13.4 per cent to 13.8 per cent.
The per capita state income for 2020-21 is Rs 1,93,121 — a dip from Rs 1,96,100 in 2019-21. This income is expected to rise to Rs 2.25 lakh with the expansion of the economy. Maharashtra presently holds the tenth rank among states when it comes to per capita state income with states such as Goa and Sikkim topping the list. The other states with a higher per capita income are Delhi, Haryana, Telangana, Karnataka, Mizoram, Tamil Nadu and Kerala.
The debt stock of the state comprising accumulated unpaid loans and other liabilities on the state is expected to be Rs 6,15,170 crore. The state will be spending Rs 42,998 crore every year to service this debt.
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