Maharashtra economy set to grow at 7.6% in 2023-24

Maharashtra economy is set to grow at 7.6 per cent during 2023-24 on the lines of the national economy which is also likely to grow at 7.6 per cent as per the Economic Survey 2023-24 presented by Deputy Chief Minister Ajit Pawar in the Assembly on Thursday. Maharashtra continues to rank sixth after Telangana, Karnataka, Haryana, Tamil Nadu and Gujarat when it comes to state's Per Capita Income which is estimated at Rs 2,77,603 during 2023-24 as against Rs 2,52,389 during 2022-23.

As per the advance estimates, the real Gross State Value Added (GSVA) of agriculture and allied activities is expected to grow at 1.9 per cent. The real GSVA of the crops sector is expected to grow by (-)1.5 per cent, Livestock by 6.1 per cent, the Forestry & Logging sector by 9.2 per cent and the Fishing & Aquaculture sector by 2.9 per cent.

The Industry sector is expected to grow at 7.6 per cent and the Services sector is likely to grow at 8.8 per cent. The real GSVA of the manufacturing sector is estimated to grow by 7.5 per cent while the real GSVA of the construction sector is expected to grow by 6.2 per cent. As a result, the real GSVA of the industry sector is likely to grow by 7.6 per cent.

As per the advance estimates of 2023-24, nominal Gross State Domestic Product (GSDP) is expected to grow at 10.9 per cent over 2022-23 and is estimated to be Rs 40.44 lakh crore. As per the second advance estimates for 2023-24, the nominal GDP is expected to be Rs 293.90 lakh crore and is likely to increase by 9.1 per cent over 2022-23.

As per the advance estimates of 2023-24, real Gross State Domestic Product (GSDP) is expected to grow at 7.6 per cent over 2022-23 and is estimated to be Rs 24.11 lakh crore. As per the second advance estimates for 2023-24, the nominal GDP is expected to be Rs 172.90 lakh crore and is likely to increase by 7.6 per cent over 2022-23.

The average share of the state's nominal GSDP in All-India nominal GDP (the base year 2011-12) from 2011-12 to 2022-23 is the highest (13.9 per cent), followed by that of Tamil Nadu (8.7 per cent).

During the Kharif season of 2023-24, sowing was completed in 155.64 lakh ha area. The production of cereals, pulses, oilseeds and sugarcane is expected to decrease by 23 per cent, 10 per cent, 2 per cent and 17 per cent respectively while production of cotton is expected to increase by three per cent over the previous year.

During the rabi season of 2023-24, sowing was completed on 58.60 lakh ha. The production of cereals & pulses is expected to decrease by five per cent & four per cent respectively while production of oilseeds is expected to increase by 13 per cent over the previous year.

During 2022-23, the area under horticulture crops is expected to be 22.40 lakh ha and production is expected to be 327.80 lakh MT. The state ranks second in India in organic farm production (27 per cent share) after Madhya Pradesh.

Irrigation potential created up to June 2022 by major, medium and minor irrigation (State sector) projects was 55.60 lakh ha. During 2022-23, the actual irrigated area was 42.33 lakh ha (76.1 per cent).

During 2023-24, crop loans of Rs 60,195 crore and agricultural term loans of Rs 93,926 crore were disbursed through Scheduled Commercial Banks, Regional Rural Banks and District Central Co-operative Banks

Under the Pradhan Mantri Kisan Samman Nidhi (PM-KISAN) scheme, since inception up to March 2024, an amount of Rs 29,630.24 crore has been deposited in bank accounts of 115.42 lakh small and marginal farmer-beneficiaries in the state.