The service sector accounts for nearly 60 per cent of the Maharashtra's economy.Mumbai News: 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 following the 8 per cent shrinking that the state suffered due to Covid-19.
The service sector is set to drive the growth in the upcoming financial year, as per the economic survey tabled by Deputy Chief Minister and Finance Minister Ajit Pawar in the Assembly on Tuesday. The service sector accounts for nearly 60 per cent of the state’s economy and is expected to witness a rise of 13.5 per cent in comparison to a negative 9 per cent growth last year.
On the Covid-19 front, Maharashtra Thursday recorded 452 fresh coronavirus cases and four related fatalities, the health department said. With this, the state’s case tally rose to 78,70,309 and the toll touched 1,43,749. Mumbai reported 64 new infections and no fresh deaths.
The number of vehicles in Mumbai stands at 42.12 lakh as against 40.48 lakh in 2020.
Maharashtra's economic survey report on Thursday revealed that the FDI inflow in the state in 2021-22 was Rs 48,633 crore as compared to Rs 1,19,734 crore in the previous year.
The report, which was tabled in the legislative Assembly, stated that Karnataka was leading with Rs 1,02,866 crore FDI inflow in 2021-22, followed by Gujarat with Rs 11,145 crore, Tamil Nadu with Rs 8,364 crore and Telangana with Rs 7,506 crore in the same year.
The total debt stock of Maharashtra is expected to be Rs 6,15,170 crore which is 19.2 percent of the Gross State Domestic Product (GSDP), as per the Economy Survey for 2021-22 tabled in the state legislature on Thursday. The GSDP for 2021-22 is expected to be Rs 31,97,782 crore, it said, adding that at 19.2 percent, debt stock is within the prescribed limit of 25 percent.
At least 41.60 lakh hectares area in Maharashtra was under irrigation in 2021-22, the state's economic survey report revealed on Thursday. As per the survey report, which was tabled in the legislative Assembly, irrigation potential created up to June 2020 by major, medium, minor projects was 54.15 lakh hectare.
At least 3,777 irrigation projects were completed and ongoing till June 30 2021, while the total live storage in major, medium and minor irrigation reservoirs as on October 15, 2020 was 33,005 million cubic meters. In 2021-22 till September, crop loans worth Rs 33,066 crore and agriculture term loans to the tune of Rs 24,963 crore were disbursed through financial institutions, the report revealed.
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.