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‘Maharashtra economy expected to grow 7.3% in 2017-18’

PTI | Mumbai |

Maharashtra’s economy is expected to grow by 7.3 per cent in 2017-18 over the previous year, the Economic Survey tabled in the state Legislature said on Thursday.

The Survey report was tabled in the Legislative Assembly by Finance Minister Sudhir Mungantiwar, while in the Legislative Council it was presented by Minister of State for Finance Deepak Kesarkar.

The growth of 7.3 per cent (in 2017-18) is against the 10 per cent growth projected during 2016-17, the survey said.

During 2016-17, the agriculture production was higher on account of good rains. However, during 2017-18 the agriculture and allied sector is expected to register (-) 8.3 per cent due to less rains (84.3 per cent of normal rains) as compared to last year.

Last year’s economic survey had said that the agriculture sector was expected to grow by 12.5 per cent. This year’s report says that in 2016-17, the agriculture production was higher on account of good rains (94.9 per cent of normal rains).

The production of pulses, cereals, oilseeds and cotton is expected to decrease, while the production of sugarcane is expected to go up, it said.

According to the survey, the industry and services sectors are expected to grow at 6.5 per cent and 9.7 per cent respectively.

Maharashtra’s per capita income is expected to be at Rs 1,80,596 and it is the leading state among major states in the country.

The percentage of debt stock to GSDP was expected to be 16.6 in 2017-18 as compared to 16.4 in 2016-17.

The fiscal limit stipulated under Consolidated Fiscal Reform in 2017-18 is 22.2, while in 2016-17 it was 22.1.

TillFebruary 7, 2018, about 2.2 crore bank accounts were opened in the state under the Pradhan Mantri Jan Dhan Yojana with deposits of about Rs 4,304 crore. Of the total accounts opened, about 26 per cent had zero-balance.

As per the report, the installed capacity of electricity in the state was 35,468 MW as on December 31, 2017.

In 2016-17, the power transmission and distribution losses were 3.6 per cent and 14.7 per cent respectively.

The unemployment rate was 2.1 per cent in the state during 2015-16.

During 2017-18, enrolment in primary schools was 159.09 lakh, while in secondary and higher secondary schools it was 66.48 lakh.

In the magnetic Maharashtra summit, total 4,108 proposals with an investment of Rs 12.07 lakh crore and proposed employment of 36.77 lakh were signed.

Up to December 2017, about 3.6 lakh micro, small and medium enterprises have obtained Udyog Aadhaar Memorandum with an investment of Rs 85,362 crore and 27.6 lakh employment.

The total land required for the Rs 46,000 crore eight-lane expressway– Maharashtra Samruddhi Mahamarg– from Mumbai to Nagpur is 8,513.19 hectares and of this 5,165.28 hectares have been acquired.

The report also states that between August 1991 and December 2017, total 19,826 industrial proposals with an investment of Rs 11,89,815 crore were approved.

Of this, 8,974 projects (45.3 per cent), with an investment of Rs 2,92,252 crore (24.6 per cent) were commissioned, which generated an employment of about 12.67 lakh.

The survey also states that with Rs 3,94,886 crore (33.2 per cent of the total investment), the IT sector continues to generate maximum investment in the state, followed by the fuel and the metallurgical industry with an investment of Rs 1,43,138 crore and Rs 1,02,081 crore respectively.

In 2016, total 378 projects with an investment of Rs 38,193 crore with proposed employment of 0.71 lakh were registered.

During 2017, 354 projects with an expected investment of Rs 48,581 crore and proposed employment of 0.27 lakh were registered and 24 projects with an expected investment of Rs 1,582 crore and proposed employment of 0.2 lakh were implemented.

The state’s share in the total industrial proposals received was about 17.9 per cent and that in the total investment was 10.1 per cent.