Economy recovers, set to grow by 12.1% in 2021-2022

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The Maharashtra economy is in the pink of health and slated to grow by 12.1 per cent in 2021-2022, surging ahead from the -8 per cent (minus-eight per cent) recorded in 2020-2021 at the height of the Covid-19 pandemic, as per the state Economic Survey.

The state’s Gross State Domestic Produce (GSDP) growth will be higher than that of the Indian economy at 8.9 per cent, with the services sector set to grow from 13.50 per cent (against 9.0 per cent previous year), followed by industry sector at 11.90 per cent (against -11.3 per cent), and agriculture & allied sectors to grow by 4.4 per cent (against 11.7 per cent).

As per the advance estimates, the nominal GSDP for 2021-2022 is expected to be Rs 31,97,782 crore (at current prices) and real GSDP would be Rs 21,18,309 crore (at constant prices of 2011-2012 prices).

As per the revised estimated, the nominal GSDP for 2020-2021 is Rs 27,11,685 crore (against Rs 27,34,552 crore in 2019-2020), the real GSDP is Rs 18,89,307 crore for 2020-2021 (against Rs 20,43,983 crore for 2019-2020).

The state’s per capita income for 2020-2021 is Rs 193,121 against Rs 196,100 during 2019-2020, which is expected to touch Rs 225,073 for 2021-2022, according to advance estimates, said the Economic Survey.

The state’s revenue receipts stood at Rs 3,68,987 crore for 2021-2022 (Budget Estimates) against Rs 2,89,498 crore during 2020-2021 (Revised Estimates).

The tax and non-tax revenue including central grants are Rs 2,85,534 crore (BE-2021-2022) and Rs 83,453 crore. Respectively, and the actual revenue receipts during April-November 2021 were Rs 180,954 crore (49 per cent of BE).

The state’s revenue expenditure is Rs 379,213 crore (2021-2022 BE) against Rs 335,675 crore (2020-2021 RE).

According to the BE (2021-2022), the share of capital receipts in total receipts is 23.8 per cent and capital expenditure in the total expenditure is 21.7 per cent, and the share of development expenditure in the revenue expenditure is 68.1 per cent (2020-2021 RE).

The percentage of fiscal deficit to GSDP is 2.1 per cent and debt stock to GSDP is 19.2 per cent (2021-2022 BE).

The state’s average share in the All-India nominal GDP is 14.2 per cent, the highest among all states in the country.

Till December 31, 2021, as many as 1,485 Shiv Bhoja Thali Centres are functioning in the state and from inception, over 8.24 crore plates have been sold at Rs 10 since the launch on January 26, 2020, then sold for Rs 5 during the pandemic and later distributed free to the poor people till September 2021.

Till January 19, 2022, 3.11 crore accounts were opened under the Prime Minister Jan Dhan Yojana, of which 56 per cent were in rural/semi-urban areas.The state ranks at No. 2 in India (22 per cent) in terms of organic farm production after Madhya Pradesh and exported 1.26 tonnes of organic farm produce in 2020-2021.

Till December 2021, under the Mahatma Jyotirao Shetkari Karjamukti Yojana 2019, a total of Rs 20,243 crore was distributed to 31.71 lakh farmers.

Till February 2022, under the Pradhan Mantri Kisan Samman Nidhi Scheme, a total of Rs 18,120.23 crore was credited in the bank accounts of 109.33 Lakh small-marginal farmers.

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