The economy of Maharashtra that suffered from pandemic-induced lockdowns last year has taken a big jump and is expected to grow at a rate of 12.1% in 2021-22, according to the State economic survey presented in the Assembly on Thursday.
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The Indian economy is also expected to grow by 8.9 % during the same period. The State budget will be presented on Friday.
During 2021-22, agriculture & allied activities, industry and services sectors are expected to grow by 4.4%, 11.9% and 13.5% respectively. The manufacturing and construction sectors which were hit the hardest in the previous fiscal are expected to grow at 9.5% and 17.5% respectively, due to which industry sector’s growth is expected to be 11.9%. Subsequent lifting of curbs and beginning of businesses in trade, repairs, hotels & restaurants and transport sectors, has led to highest growth in services sector with 13.5%, the report said.
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Per Capita State Income during 2021-22 is expected to be ₹2,25,073 compared to ₹1,93,121 for 2020-21. Accumulated unpaid loans and other liabilities on the State are termed as debt stock. The debt stock of the State is expected to be ₹6,15,170 crore as per 2021-22 (BE), which is 19.2% of GSDP.
The revenue deficit is likely to be ₹10,226 crore as per the 2021-22 (BE) compared to the revised estimates of ₹46,178 crore for 2020-21. The fiscal deficit is ₹66,641 crore, the report said.
Unemployment rate
The survey said unemployment rate in urban areas during January to March 2021 was 12.4% (age-group of 15 years and above) as compared to 13.6% in October to December 2020.
During fiscal 2021-22 (up to September) the total FDI inflows in the State was ₹48,633 crore. The State has taken initiative to set up a bulk drug park in Raigad district with the help of government of India with proposed investment of ₹2,500 crore.
During June, 2020 to December, 2021, the State has attracted investment proposals of ₹1.88 lakh crore with 3.34 lakh expected employment under Magnetic Maharashtra 2.0. Under Maharashtra Electric Vehicle Promotion Policy, 2018, proposals have been received for five electric vehicle manufacturing units and one battery manufacturing unit with proposed investment of ₹of 8,420 crore and expected employment of 9,500 therein. There were 10,785 startups in the State at the end of October, 2021, the report said.