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Thursday, April 22, 2021

Maharashta: Industry, services sectors to witness negative growth

Government officials said the pandemic impacted the industrial sector overall. "It not only impacted the industrial production but also consumer consumption," said an official.

Written by Vishwas Waghmode | Mumbai |
Updated: March 6, 2021 2:53:38 am
The report stated, "Manufacturing and construction sectors were hit hardest and are expected to grow at (-)11.8 per cent and (-)14.6 per cent, respectively." (Representational)

Industry growth in Maharashtra is expected to be in the negative at 11.3 per cent while the service sector is likely to register a negative growth of 9 per cent. This is due to the impact on consumer consumption and industrial production induced by the Covid-19 pandemic, as per findings of State Economic Survey tabled in the Assembly on Friday.

The report stated, “Manufacturing and construction sectors were hit hardest and are expected to grow at (-)11.8 per cent and (-)14.6 per cent, respectively, due to which the industry sector’s growth is expected to be (-)11.3 per cent.”

The report further stated that the pandemic also had an adverse impact on the service sector. “Due to the hard impact of the pandemic situation, mainly on trade, repairs, hotels and restaurants, and transport sectors, the services sector is expected to grow at (-)9.0 per cent,” it added.

Government officials said the pandemic impacted the industrial sector overall. “It not only impacted the industrial production but also consumer consumption,” said an official.

The report also stated that the state government had launched ‘Magnetic Maharashtra 2.0’ in June 2020 with an aim to attract investment and generate employment. “Both domestic and global investors have shown fabulous interest for investment in the state. The state has attracted investment proposals of Rs 1.13 lakh crore with expected employment of over 2.50 lakh,” the report stated.

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It further stated that the steel manufacturing (24 per cent), data centres (23 per cent), logistics (20 per cent), information technology (9 per cent), chemicals and pharmaceuticals (5 per cent), and automobiles (4 per cent) were key sectors that attracted investment.

The report also stated that the total inflow of foreign direct investment (FDI) into Maharashtra from April to September 2020 is Rs 27,143 crore, which is higher than FDI inflow of Rs 25,316 crore, including Dadra and Nagar Haveli and Daman and Diu, in the same period in 2019.

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