Painting a rosy picture, the Economic Survey for 2022-2023 said on Wednesday that the Maharashtra economy is expected to grow by 6.8 per cent during 2022-2023, as per advance estimates, while the Indian economy is expected to grow by 7.0 per cent.
Mumbai, March 8,2023: Painting a rosy picture, the Economic Survey for 2022-2023 said on Wednesday that the Maharashtra economy is expected to grow by 6.8 per cent during 2022-2023, as per advance estimates, while the Indian economy is expected to grow by 7.0 per cent.
During the year, the agriculture and allied activities sector will grow by 10.2 per cent, industry sector by 6.1 per cent and services sector by 6.4 per cent, as per the ES – 2022-2023, released ahead of the state Budget to be tabled on Thursday.
According to the advance estimates the nominal (at current prices) State GDP is expected to be Rs 35,27,084 crore and the real SGDP (at constant 2011-2012 prices) would be Rs 21,65,558 crore.
The ES added that the state’s average share in the All India nominal GDP is highest at 14.0 per cent, and as per the advance estimates, the per capita state income for 2022-2023 would be Rs 242,247, an increase over Rs 215,233 (2021-2022).
However, as per the revised estimates, the nominal SGDP for 2021-2022 is Rs 31,08,022 crore against Rs 26,27,542 for the same year and the real SGDP is RS 20,27,971 crore for 2021-2022 against Rs 18,58,370 for the same year, while the per capita state income for 2021-2022 is Rs 215,233 against Rs 183,704.
Among a few selected states, Maharashtra’s per capita state income lags at fifth position after Karnataka, Telangana, Haryana and Tamil Nadu, said the ES.
For 2022-2023, the state’s revenue receipts are expected to be Rs 403,427 crore (BE) against the previous year 2021-2022 (RE) Rs 362,133 crore.
The tax and non-tax revenues including central grants for 2022-2023 (BE) are RS 308,113 crore and Rs 95,314 crore respectively.
The actual revenue receipts during April-Nov. 2022 were Rs 251,924 crore (62.4 per cent of BE).
The revenue expenditure of the state is expected to be Rs 427,780 crore as per 2022-2023 (BE) against Rs 392,857 crore in 2021-2022 (RE).
The share of capital receipts in total receipts in 2022-2023 (BE) is expected to be 26.5 per cent, and the share of capital expenditure in total expenditure would be 22.0 per cent.
The share of development revenue expenditure in the total revenue expenditure is 67.8 per cent in 2021-2022 (RE).
From June 2020-December 2022, the state attracted investment proposals of Rs 2.74 lakh crore with 4.27 lakh expected employment under the ‘Magnetic Maharashtra 2.0’.
Since the liberalisation policy was adopted in Aug. 1991 till Nov. 2022, the state approved 21,442 industrial projects with a total investment of Rs 17,48,648 crore.
The FDI flow into the state between April 2000-Sep. 2022 was Rs 10,88,502 crore which was a robust 28.5 percent of the country’s total FDI inflows.
A total of 20.43 lakh MSME’s comprising 19.80 lakh micro, 0.57 lakh small and 0.06 lakh medium, with a total job potential of 108.67 lakh were registered in the state till Nov. 2022.
As per the data of India Tourism Statistics-2022 report, the state had 435.7 lakh domestic tourists and 1.9 lakh foreigners visiting during 2021 against the 392.3 lakh domestic and 12.6 lakh foreigners during 2020 — the first year of pandemic lockdown.