Economic Survey: Maharashtra Set To Grow At 5.7% In FY20

India’s richest state is expected to grow faster than the nation’s economy in the current financial year.

Maharashtra, according to the Economic Survey tabled in the state’s legislative assembly today, is expected to grow by 5.7 percent during 2019-20, at a time when the Indian economy is expected to grow at 5.0 percent.

Maharashtra is expected to contribute 14.3 percent to the nation’s gross domestic product in FY20, the survey said.

Agricultural and allied activities would grow by 3.1 percent at a time when the state is dealing with intense agrarian distress. The sector’s contribution, in nominal gross state -added terms, is 11.7 percent.

Maharashtra received 112.6 percent of its normal rainfall during last year’s monsoon. According to the survey, the annual target for the sector in annual credit plan for FY20 was Rs 87,322 crore.

The industrial and services sectors are expected to grow by 3.3 percent and 7.6 percent, respectively. The average share of industry to nominal GSVA is 33.1 percent while that of services sector is 55.2 percent.

As per the budget estimates for 2019-20, the state’s revenue expenditure is Rs 3,34,933 crore compared with Rs 3,01,460 crore in the previous year.

Other Highlights:

• Per capita state income during 2019-20 is expected at Rs 2,07,727.
• Revenue expenditure is Rs 3,34,933 crore as per 2019-20 budget estimates against Rs 3,01,460 crore in the previous year.
• Revenue deficit, fiscal deficit and debt stock are Rs 20,293 crore, Rs 61,670 crore and Rs 4,71,642 crore, respectively.
• Number of startups has increased from 2,587 in December 2018 to 4,324 in September 2019.
• Internet subscriber base as of September 2019 was 8.7 crore.