Budget is anticipated to be committed to agro & industry sectors
Mumbai: Although, Maharashtra received 112.6 percent of the normal rainfall during 2019 monsoon, and only 21 taluka’s received deficient rainfall, the countrywide economic slowdown seems to have hit hard the state economy. As a result the state’s computed the growth rate is pegged at 5.7 percent. Whereas, the growth of agriculture and allied sector is estimated to be at 3.1 percent and growth in the industry sector is estimated to be at 3.3 percent.
The Economic Survey report was tabled in both the House of state legislature on Thursday during ongoing budget session. As the survey has concentrated it’s target on agriculture and industry sector, it has given indication that the annual budget that will be tabled on Friday, would have focus on strengthening agriculture and industry sectors.
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The Finance and Planning minister Ajit Pawar and Minister of Finance and Planning Shambhuraje Desai would present the state’s annual budget in state legislature. It is predicted that the budget would give preference to stimulate agro-based economy and industry as the state’s rank in industry sector has fallen down to number three in terms of investment. Gujarat is at first position which has recorded 14.00 percent followed by Karnataka (10.5 %) and then Maharashtra (10.3 %).
The state has predicted that the Own Tax Revenue (OTR) from State Goods and Services Tax (SGST), sales tax, tax from Stamps and Registration will show improvement as compare to previous year. Hence, the budget is expected to be surplus by Rs 26,463 crore – which was in deficit in the financial year 2017-18.
