Maharashtra Economic Survey Pegs 2022-23 Growth At 6.8%

Maharashtra's economy is expected to grow by 6.8% in 2022-23 against the projected 7% growth of the national economy, the state's annual Economic Survey report said.

The projected growth showed a decline compared to the 9.1% growth in 2021-22.

Deputy Chief Minister Devendra Fadnavis who also holds the finance portfolio tabled the survey report for 2022-23 in the Assembly on Wednesday, a day ahead of the state Budget.

Agriculture and allied activities sector will grow by 10.2% in the outgoing fiscal, it said.

The industrial sector is expected to grow by 6.1% and services sector by 6.4%.

The figures mostly showed decline compared to 2021-22 when the overall growth of the state economy was 9.1%, agriculture and allied sector's growth stood at 11.4%, industrial growth at 3.8% and services sector's growth was 10.6%

As per advanced estimates, the nominal (at current prices) gross state domestic product for 2022-23 is expected to be Rs 35,27,084 crore, the survey said.

The real (at constant 2011-12 prices), the gross state domestic product is expected to be Rs 21,65,558 crore.

The average share of Maharashtra in the all-India nominal GDP was the highest among the states at 14%, the report said.

As per the advanced estimates, the per capita state income for 2022-23 is expected to be Rs 2,42,247 against Rs 2,15,233 in 2021-22.

Maharashtra stood fifth in terms of per capita income during 2021-22 when Karnataka led the states with a per capita income of Rs 2,78,786.

The percentage of fiscal deficit to gross state domestic product is 2.5 and that of debt stock to gross state domestic product is 18.4.

Maharashtra received 119.8% of the normal rainfall during 2022, the report noted.

During Kharif season of 2022-23, sowing was completed on 157.97 lakh hectares. The production of cereals, oil seeds, cotton and sugarcane is expected to increase by 10%, 19%, 5% and 4% during the season, respectively.

The production of pulses is expected to decrease by 37% over the previous year.

During the Rabi season of 2022-23,sowing was completed on 57.74 lakh hectares. The production of pulses is expected to increase by 34% while that of cereals and oilseeds is expected to decrease by 13% over the previous year, the report said.

The Foreign Direct Investment inflow during April 2000 to September 2022 was Rs 10,88,502 crore which was 28.5% of the total FDI inflow in the country, the report said.

As per the India State of Forest Report 2021, the total forest cover in Maharashtra was 50,798 sq km, an increase of 20 sq km over that reported in ISFR 2019.

The forest cover in the state accounts for 16.5% of the total geographical area against the goal of 33% envisaged in the National Forest Policy, the Economic Survey noted.