Maharashtra’s economy expected to grow by 6.8% in 2022-23: Economic Survey

MUMBAI: Maharashtra’s economy is expected to grow by 6.8 per cent in FY 23 as against the projected growth of the Indian economy by 7 per cent, as per the Economic Survey 2022-23 tabled in the state Legislative Assembly on Wednesday.

The agriculture and allied activities sector will grow by 10.2 per cent in the state, as per the survey tabled by state finance minister Devendra Fadnavis in the Assembly on the eve of the presentation of the Budget.

The industry sector is expected to grow by 6.1 per cent and the services sector by 6.4 per cent, it said.

As per the advance estimates, the nominal (at current prices) gross state domestic product (GSDP) for 2022-23 is expected to be Rs 35,27,084 crore and the real (at constant 2011-12 prices) GSDP is expected to be Rs 21,65,558 crore, it stated.

The report stated the average share of Maharashtra in the national nominal GDP is highest at 14 per cent.

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

Maharashtra is fifth in terms of per capita income during 2021-22 at 2,15,233 and Karnataka leading at 2,78,786, it said. The per capita income is expected to be 2,42,247 in 2022-23.

The percentage of the fiscal deficit to GSDP is 2.5 per cent and the debt stock to GSDP is 18.4 per cent as of 2022-23.

The state received 119.8 per cent of the normal rainfall during 2022, and sowing was completed on a 157.97 lakh ha area during the Kharif season of 2022-23, the survey said.

The production of cereals, oil seeds, cotton, and sugarcane is expected to increase by 10 per cent, 19 per cent, 5 per cent and four per cent, respectively, while the production of pulses is likely to decrease by 37 per cent 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 per cent while the production of cereals and oilseeds is expected to decrease by 13 per cent over the previous year, as per the survey.

The FDI (Foreign Direct Investment) inflow from April 2000 to September 2022 was Rs 10,88,502 crore which was 28.5 per cent of the total FDI inflow at the all-India level.

Source: Press Trust of India