Maharashtra's economy expected to grow 7.3% in 2017-18; debt likely to be Rs 4,13,044 crore: Economic Survey

The total debt of Maharashtra government is expected to be Rs 4,13,044 crore in 2017-18, the Economic Survey tabled in the state Legislature on Thursday.

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Mumbai: The Economic Survey tabled in the state Legislature on Monday said that Maharashtra's economy is expected to grow by 7.3 percent in 2017-18 over the previous year.

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.

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

Following are the highlights of the survey:

- 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 percent due to less rains (84.3 percent of normal rains) as compared to last year.

- 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 percent and 9.7 percent 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.

- Till February 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 percent had zero-balance.

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

- 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 percent), with an investment of Rs 2,92,252 crore (24.6 percent) were commissioned, which generated an employment of about 12.67 lakh.

- The survey also states that with Rs 3,94,886 crore (33.2 percent 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.

- 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 percent and that in the total investment was 10.1 percent. 

- The total debt of Maharashtra government is expected to be Rs 4,13,044 crore in 2017-18.

- The survey said the debt stock is 16.6 percent of the gross state domestic product (GSDP), which is well within the limit of 22.2 percent laid down by the 14th Finance Commission.

- The average cost of borrowing is expected to be 8.4 percent in 2017-18.

- As per the budget estimates, interest payment on debt stock of Rs 4.13 lakh crore is Rs 31,027 crore. The total state GST receipts were Rs 30,138 crore up to December 2017, the survey said.

- As per the 2017-18 budgetary estimates, revenue receipts are expected to be Rs 2,43,738 crore, of which tax revenue is Rs 1,90,842 crore.

- The expected share of taxes levied by the state is 78.3 percent in total revenue receipts in 2017-18.

The tax revenue is expected to increase by 11.6 percent during 2017-18 over the previous year.

(With PTI inputs)