Maharashtra to clock 7.6% growth in 2023-24: Economic Survey

Maharashtra slipped to sixth rank in terms of per capita income for the year 2022-23 with Telangana being the first. The Per Capita State Income for 2023-24 as per advance estimates is Rs 2,77,603 as against Rs 2,52,389 as per first estimates for 2022-23.

During 2023-24, the agriculture and allied activities sector is expected to grow by 1.9 per cent only from 4.5 per cent as per the first revised estimates (RE) for the previous fiscal. During the Kharif season of 2023-24, sowing was completed in 155.64 lakh hectare area. While the production of cereals, pulses, oilseeds, and sugarcane is expected to decrease by 23 per cent, 10 per cent, 2 per cent, and 17 per cent respectively, that of cotton is expected to increase by three per cent over the previous year.

During the Rabi season of 2023-24, sowing was completed on 58.60 lakh ha. The production of cereals and pulses is expected to decrease by five per cent and four per cent respectively and that of oilseeds is expected to increase by 13 per cent over the previous year.

Similarly, the service sector is likely to grow at 8.8 per cent in 2023-24, compared to 13 per cent of the first RE of 2022-23. The industry sector is expected to grow by 7.6 per cent in 2023-24, compared to 5.5 per cent of the first RE of 2022-23.

Debt stock

Although in 2023-24 (RE), Maharashtra’s debt stock rose by 16.5 per cent in absolute terms over the previous year, as a percentage of GSDP, the debt stock rose from 17.3 per cent in 2022-23 to 17.6 per cent in 2023-24 as per the ‘Medium Term Fiscal Policy, Fiscal Policy Strategy Statement And Disclosures For Maharashtra 2023-24’.

Debt stock refers to the accumulated outstanding loans and other liabilities of a state.

It was, however, well within the prescribed limit of 25.0 per cent of GSDP. The debt of the state amounted to Rs 7,11,278 crore, and the interest payments were at Rs 48,578 crore.

As per the advance estimates, nominal (at current prices) GSDP for 2023-24 is expected to be Rs 40,44,251 crore and real (at constant 2011-12 prices) GSDP is expected to be Rs 24,10,898 crore. The total anticipated expenditure for 2023-24 is Rs 2,31,651 crore as against Rs 1,90,939 crore in 2022-23.

The social and community services sector has the highest share (47.9 per cent) followed by the transport sector (14.0 per cent) in anticipated expenditure for the year 2023-24. The share of district schemes in the annual scheme 2023-24 is Rs 20,188 crore as against Rs 18,175 crore in 2022-23.

As per the revised estimates for 2023-24, Maharashtra’s revenue deficit is expected to be Rs 19,532 crore compared to Rs 1,936 in 2022-23. The fiscal deficit too has risen to Rs 1,11,956 crore compared to Rs 67602 crore for the previous fiscal.