Maharashtra’s economy growing at 7.5 %, more than national growth rate

Mumbai, June 17, 2019: As compared with the 6.8 percent growth rate of country’s economy the state’s economy is progressing by 7.5 percent rate and in spite of less than the four year’s average rainfall this march of progress has been unaffected, said State Finance and Planning Minister Sudhir Mungantiwar here on Monday.

Mungantiwar presented the economic survey report of the state for 2018-19 in the Legislative Assembly while Minister of State Finance and Planning Dipak Kesarkar presented the report in the Legislative Council. They later addressed a press conference which was attended by additional Principal Secretary of Finance and Planning Debashish Chakraborty and senior officers of the department.

Considerable increase in state GDP

Maharashtra has been successful in keeping the larger part of state GDP in the national GDP and this percentage is 15 percent, Mungantiwar said adding that in the last five years the state’s GDP has increased considerably. The income of Rs 16.50 Lakh Crore of 2013-14 has increased to Rs 26.60 Lakh Crore in 2018-19.

0.4 percent increase is expected in agriculture and allied sectors in the state. In 2018-19 the increase in industry and service sectors is expected to be 6.9 percent and 9.2 percent respectively.

Maharashtra attractive destination for FDI

Maharashtra has been the most preferred destination for FDI by the foreign investors, Mungantiwar said adding that during 2014-15 to 2018-19 FDI worth Rs 3 lakh 99 thousand 901 crore came to Maharashtra. The percentage of investment in last four years is 57.93. It has been the endeavor of the state to take the state on industrial progress by attracting maximum FDI and this effort is getting success, he added.

Per capita income increased

The per capita income of the state during 2017-18 was Rs 176, 102/-. It has increased to Rs 191, 827 in 2018-19, the Finance Minister said. This is more that the per capita income of Madhya Pradesh, Tamil Nadu, Andhra Pradesh, and Uttar Pradesh, he added.

State on progress path on global level

The rate of global gross production is 2.7 percent while Maharashtra has kept this rate at 7.5 percent. The economy of developed countries is developing by 1.8 percent; that of developing nations by 4.1 percent and marginally developed countries have a development rate od 4.6 percent. Japan 0.8, China 6.3, USA 2.3 and India have a progress rate of 6.8 percent while Maharashtra has maintained 7.5 percent growth rate.

Participate in movement of economic development

The Prime Minister has expressed his resolve to make country’s economy of 5 trillion dollars and states have been appealed to contribute to achieving this ambitious target. Maharashtra will be participating full steam in this movement of economic development and will share the 20 percent burden. For this it is necessary to make the state a one trillion dollar economy and for this the present growth rate needs to be doubled. So far, all the businessmen, entrepreneurs, and people from all walks of life have contributed to the state’s economy. To keep up this pace of development all should participate in this movement of economic progress and increase their contribution, the Finance Minister appealed.

He said that a separate platform for making the state 1 trillion dollar economy will be set up and target-oriented steps will be taken with proper planning of schemes and initiatives to achieve the target.

Burden of loan on state reduced

The percentage of loan on state has decreased and its ratio with GDP has come down to 15.6 percent from 16.5 of 2014-15, Mungantiwar explained. The state is progressing very well on the economic front by astutely following the financial discipline laid down in integrated finance amendments, he said.

Jalyukta Shivar

Mungantiwar said that the development expenditure has increased to 16.2 percent by compound annual rate and through the Jalyukta Shivar scheme implemented in 5028 villages in 2017-18 water resources of 4,763.7 lakh cubic meters were created. Through 4298 villages were made free of water scarcity. In the current year 6072 villages are selected under this campaign.

Increase in Crop loan distribution

The Financial Institutions have distributed Rs 31,282 crore crop loans in 2018-19 which was higher by Rs 25, 322 crore of the last year. Similarly, agriculture term loans distribution has also shown upward trend from Rs. 25, 695 crore to Rs. 36, 632.

Milk production increased in state

Milk production in state has shown upward rise from 104.02 lakh MT to 111.02 lakh MT. There is slight decrease in fisheries production but the department is taken planned measures and some schemes are being proposed, he said.

Industrial progress speeded up

It the vision of Maharashtra Industrial Policy 2019 to make the state a centre of global investment, production and technology, Mungantiwar said adding that Maharashtra is the first state of the country to declare Fintech policy. The state has implemented all the 372 business simplification reforms fixed by the Union Government. 14 textile parks have been set up in the state, he said.

State power surplus even after average maximum demand

In 2017-18 the average maximum demand of power in the state was 17,412 MW. Fulfilling that demand the state had 194 MW surplus power. In 2018-19 the demand was 18,504 MW and after fulfilling this demand, surplus power was 226 MW, the Finance Minister said.

Progress of basic facilities accelerated

Under Nagpur Metro regular commuting was started on Khapri to Sitabuldi section from March 2019, he said adding that works of developing basic facilities are being speeded up in the state on a large scale. 86 percent land acquisition is completed for Maharashtra Samruddhi Mahamarg. International Airport is being developed at Navi Mumbai. Under the Chief Minister’s Rural Raods Scheme work is going on to connect the bastis with roads, improvement or road standard is being undertaken and metro work in Mumbai is speedily going on by Mumbai Metro Rail Corporation.

Other features:

  • 2.42 crore of 2.78 crore ration cards have been computerized
  • 1.29 crore families used Aadhar based biometric ration card in March 2019.
  • Revenue receipt in the state increased. As per improved estimates of2018-19 the revenue receipt of 243,654 crore is expected to increase to Rs 286,500 crore.
  • Maharashtra among the top states in disbursing loans under Mudra Loan scheme. Loan of Rs65000 crore approximately disbursed in three years.
  • Increase in production of oilseeds, cotton and sugarcane expected respectively 16%, 17% and 10 percent.
  • Number of vehicles in the state increased to349 from 322 lakh vehicles.
  • Port cargo handling increased from1600.93 lakh MT to 1661.10 lakh MT
  • State achieved the targets of reducing infant mortality and maternal mortality rates.
  • Development of125 talukas under Maharashtra Human Resources Development Mission. Poverty removal action cell set up in 27 talukas with UNDP cooperation.
  • Target to plant33 crore trees in rainy season in the state.