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Mumbai: Maharashtra has been worst affected by the covid-19 pandemic situation during last financial year. The Economic Survey report presented in the state assembly on Friday projects a minus 8 percent growth of the state economy. Whereas the Indian economy is also expected to register a minus 8% growth rate. However, due to good monsoon, major sectors of the economy like agriculture and allied activities sector will show positive growth of 11.7 per cent.
Finance minister Ajit Pawar tabled The Economic Survey report for the year 2021 in assembly. The survey underscored the grim situation wherein the industries and the service sector will be badly affected by the corona pandemic situation.
The industrial sector will show a negative growth of 11.3 per cent whereas the services sector will show a negative growth of 9.0 per cent.
Though the Maharashtra Industries department has pitched Direct Foreign Investment (FDI) worth more than Rs one lakh 10,000 crores during the last financial year, the lockdown has badly affected the industry sector.
The Economic Survey report said that there would be a decrease in GSDP by Rs 1 lakh 56 thousand and 925 crores during the financial year 2020-21 as compared to the previous financial year 2019-20.
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Other sectors which are hardly hit by the lockdown are manufacturing and construction. The economic survey expected that the manufacturing sector will be hit by minus11.8% whereas the construction sector will be hit by minus 14.6 percent.
According to the Economic Survey Report, the percentage of fiscal deficit to GSDP is 2.1 per cent. The report says, the revenue receipts from April to December 2020 were Rs 1,76,450 crore which is 15.8% of the budgetary Expectations. It was expected that the revenue receipts of the state are Rs 3,47,456 crores for the year 2020- 21 as against Rs 3,09,880 crore during the year 2019-20.
The report says the share of development expenditure in revenue expenditure is 68.7 % as per the year 2020-21 whereas the revenue expenditure of the state is Rs 3,56,968 crores as per the financial year 2020-21.
Maharashtra declines position in per capita state income
As per the economic survey report, Maharashtra is set to lose its position in Per Capita State Income category in the financial year 2019-20. Haryana is at the top position with a per capita income of Rs 2,64,207 whereas Telangana is in the second position with a per capita income of Rs 2,28,216. Maharashtra is in the fifth position with a per capita income of Rs 2,02,130. Karnataka is in the third position, Tamil Nadu is in the fourth position.
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