Maharashtra Economy to Grow at Record 12.1% in 2021-22: Economic Survey

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Maharashtra’s economy is expected to grow by 12.1% in 2021-22 against minus 8% in 2020-21 amid recovery in economic activity following the lifting of slew of curbs and receding coronavirus pandemic wave.

The State’s Gross State Domestic Product (GSDP) growth will be more than the growth of the Indian economy at 8.9%.

During 2021-22, the Agriculture & allied activities sector is expected to grow by 4.4 percent (against 11.7%), Industry sector is expected by 11.9% (minus 11.3%) and Services sector 13.5% (minus 9%).The Free Press Journal on Thursday broke the story about Maharashtra’s economic growth will turn positive.

The real GSVA of Agriculture & allied activities’ sector is expected to grow at 4.4 percent and for ‘Crops’ sector is 3, ‘Livestock’, ‘Forestry & Logging’ and ‘Fishing & Aquaculture’ sectors are expected to grow at 6.9 percent, 7.2 percent and 1.6 percent respectively.

The manufacturing sector will grow at 9.5% (against minus 11.8%) and the Construction sector at 17.4% (minus 14.6%).

As per the advance estimates, nominal (at current prices) Gross State Domestic Product (GSDP) for 2021-22 is expected to be Rs 31,97,782 crore and real (at constant 2011-12 prices) GSDP is expected to be Rs 21,18,309 crore.

As per the first revised estimates, nominal GSDP for 2020-21 is Rs 27,11,685 crore as against Rs 27,34,552 crore for 2019-20. Real GSDP is Rs18,89,307 crore for 2020-21 as against Rs 20,43,983 crore for 2019-20.

The Per capita State Income for 2020-21 is Rs 1,93,121 as against Rs 1,96,100 for 2019-20.

The revenue receipts of the State are Rs 3,68,987 crore for 2021-22 (BE) as against Rs 2,89,498 crore during 2020-21 (RE). The tax and non-tax revenue (including central grants) as per 2021-22 (BE) are Rs 2,85,534 crore and Rs 83,453 crore respectively. Actual revenue receipts during April to November, 2021 were Rs 1,80,954 crore (49.0 per cent of BE).

The revenue expenditure of the State is Rs 3,79,213 crore as per 2021-22 (BE) as against Rs 3,35,675 crore during 2020-21 (RE).

As per 2021-22 (BE), the share of capital receipts in total receipts and capital expenditure in total expenditure are 23.8 percent and 21.7 percent respectively.

Share of development expenditure in revenue expenditure is 68.1 percent as per 2020-21 (RE).

The percentage of fiscal deficit to GSDP is 2.1 percent and debt stock to GSDP is 19.2 percent as per 2021-22 (BE)

Annual Scheme 2021-22

Total funds proposed for annual scheme 2021-22 are Rs 1,30,000 crore of which the share of district schemes is Rs 15,622 crore.

Grants-in-aid as per recommendations of 15th Finance Commission –

Total transfer of financial resources to the State during 2021-22 to 2025-26 is expected to be Rs 3,37,252 crore, of which total grants-in-aid is expected to be Rs 70,375 crore.

The State is expected to receive about Rs 41,391 crore grants-in-aid for local bodies, of which amount of Rs 7,067 crore is earmarked for strengthening of the rural as well as urban health care system.

As per the 15th FC recommendations, the State is expected to receive about Rs 17,803 crore grants from GoI under State Disaster Risk Management Funds during 2021-22 to 2025-26.

As on 31st March 2021 aggregate bank deposits were Rs 30.53 lakh crore and gross credit of scheduled commercial banks was Rs 28.96 lakh crore in the State. Credit-Deposit Ratio was 94.8 percent as on 31st March 2021

Annual Credit Plan size for the Priority Sector of the State for 2021-22 is Rs 4.61 lakh crore in which the share of ‘Agriculture & allied activities’ sector is 25.8 percent and that of ‘Micro, Small, Medium enterprises and Khadi & Village Industries’ sector is 54.0 percent.

Food Grain Production

The State received 118.2 per cent of the normal rainfall during monsoon 2021. In the State, 187 talukas received excess rainfall, 146 received normal rainfall and 22 received deficient rainfall.

The average size of operational holding as per Agriculture Census 2015-16 is 1.34 ha as against 4.28 ha during Agriculture census 1970-71. According to Agriculture Census 2015-16, the total area of small & marginal operational holdings (up to 2.0 ha) constituted 45 percent of the total area of operational holdings whereas the number of small and marginal operational holdings constituted 79.5 percent of the total number of operational holdings.

During the Kharif season of 2021-22, sowing was completed on a 155.15 lakh ha area. The production of cereals, pulses, oilseeds, cotton and sugarcane is expected to decrease by 11 percent, 27 percent, 13 percent, 30 percent and 0.4 percent respectively of the previous year.

During rabi season 2021-22, by the end of January sowing was completed on 52.47 lakh ha. The production of pulses is expected to increase by 14 percent while production of cereals and oilseeds is expected to decrease by 21 percent and 7 percent respectively over the previous year.

The area under horticulture crops is 21.09 lakh ha and production is expected to be 291.43 lakh MT during 2020-21. (Free Press Journal)