Maharashtra economy to grow at 9.4 per cent, says state’s economic survey

The per capita income of the state too has grown by 11.4 per cent in the previous year, the survey has shown.

Published: 18th March 2017 01:20 AM  |   Last Updated: 18th March 2017 01:20 AM   |  A+A-

By Express News Service

MUMBAI: Maharashtra’s economy is slated to grow at 9.4 per cent in the fiscal year 2016-17 while the state is expected to register a huge jump in the growth of agriculture and allied sectors, the state’s economic survey has revealed.

In 2015-16, Maharashtra’s economy grew at the rate of 8.5 per cent. The state’s agriculture growth, however, was in the negative that year at minus 4.6 per cent and it is expected to grow at 12.5 percent this year, the Economic Survey stated. 

Maharashtra is envisaging a double-digit growth in the coming years and expects to retain its pre-eminence in the national economy due to the skilful fusion of technology, social structure, infrastructure backed by natural and human resources and organised ways of production, the survey said. 

The country’s economy as a whole is expected to grow at 7.1 percent according to various estimates.

Though the Industry and Services sectors of the state are expected to grow at 6.7 per cent and 10.8 per cent respectively, its public finances will be a matter of concern with the total debt estimated at Rs 3.56 lakh crore against Rs 3.20 lakh crore, while interest payment is set to increase to Rs 28,220 crore from Rs 26,217 crore, the survey has shown.

The per capita income of the state too has grown by 11.4 per cent in the previous year, the survey has shown.

“The growth figures are significant as it has been achieved in spite of drought conditions. We are sure that we would be able to achieve a double-digit growth rate next year,” finance minister Sudhir Mungantiwar said while speaking to the New Indian Express after he tabled the survey in the house.

The leader of opposition in legislative council Dhananjay Munde, however, said that the survey has exposed the sorry state of development in the state. “While the state has slipped below neighbouring Gujarat in industrial investments and employment generation, it has lagged behind that of Karnataka in terms of per capita income,” he said.

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