Maharashtra Budget 2018 to be Presented by Finance Minister Sudhir Mungantiwar Today

Maharashtra Budget 2018 to be Presented by Finance Minister Sudhir Mungantiwar Today”

The state's economy is expected to grow by 7.3 per cent in 2017-18 over the previous year, says the Economic Survey tabled in the state Legislature on Thursday.

While the report points a finger to less rains in 2017-18 ( 84.3% of the normal monsoon) as compared to 2016-17 for the drop in agriculture production and growth, officials admit that several other reasons such as pest attacks, change in rainfall patterns, unseasonal rains and hailstorms had posed a problem for the sector. Mungantiwar said Maharashtra is the leading state amongst major states in PCI compared to Karnataka (Rs 1,57,474), Telangana (Rs 1,55,612), Tamil Nadu (Rs 1,53,263), and Andhra Pradesh (Rs 1,22,376). Maharashtra's economic survey for 2017-18 projects a slowing of industrial growth from 6.9% in 2016-17 to 6.5% in 2017-18. In statistical terms, production of cereals will fall by 39 per cent, pulses by 4 per cent and oilseeds by 73 per cent.

In 2016-17, the state's economy had posted a growth of 10% over the previous year thanks to a recovery in agriculture and a 106.9% spike in overall foodgrain production. Last year's economic survey had said that the agriculture sector was expected to grow by 12.5 per cent.

In case of LMVs, (cars, jeeps, station wagons and taxis), Maharashtra has shown an increase of 8.2 per cent while Mumbai has recorded the growth of 6.1 per cent, as per the Survey.

The fiscal limit stipulated under Consolidated Fiscal Reform in 2017-18 is 22.2, while in 2016-17 it was 22.1.

The IT sector continues to attract the maximum investment in the state, accounting for 33% of total investments, followed by the fuel industry, which accounts for 12% and metallurgy (8.6%).

As per the report, the installed capacity of electricity in the state was 35,468 MW as on December 31, 2017. The growth rate for this sector was -2.8% in 2016-17 and is now expected to reach 7.6%.

The services sector has continued to power Maharashtra's economy posting a growth of 9.7%, a marginal 0.1% hike from the 2016-17 figure.

On the industrial growth front, the report said that from August 1991 to December 2017 in all 19,826 industrial proposals with proposed investment of ₹11.89 lakh crore were approved.

The number of beneficiaries increased to 1.97 lakh in 2017-18 from 1.89 lakh in 2015-16.

The total land required for the Rs 46,000 crore eight-lane expressway- Maharashtra Samruddhi Mahamarg- from Mumbai to Nagpur is 8,513.19 hectares and of this 5,165.28 hectares have been acquired.

The state-owned corporation has suffered a loss of Rs 505.49 crore in 2016-17 compared to Rs 121.89 crore loss in 2015-16.

The survey points out that the state has registered an impressive increase of 17.8 per cent in the revenue receipts over a year ago while keeping the fiscal deficit limited to Rs 38,789 crore. The survey also claims that the state generated employment of 12.67 lakh. The government had to raise additional borrowings of Rs 20,000 crore to foot the farm loan waiver Bill.

This is unedited, unformatted feed from the Press Trust of India wire.

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