Mumbai, March 7 (IANS) The Maharashtra economy is expected to grow at 7.3 per cent in 2024-25, higher than the projected national rate of 6.5 per cent. However, the estimated growth rate for the current fiscal year in the state will be lower compared to 7.6 per cent in 2023-24.  According to the Economic Survey for 2024-25 presented on Friday by Deputy Chief Minister and Finance Minister Ajit Pawar, agriculture and allied activities are expected to grow at 8.7 per cent compared to 3.2 per cent last year. However, the industry will grow at 4.9 per cent during the current fiscal year against 6.2 per cent last year, and the services sector at 7.8 per cent during the current fiscal year against 8.3 per cent last year.

Maharashtra’s debt stock for 2024-25 is estimated at Rs 7,82,991 crore against Rs 7,11,278 crore (RE). The debt of Rs 7,82,991 crore is 17.3 per cent of the gross state domestic product, which is well within the 25 per cent limit recommended by the Finance Commission. The state government’s outgo towards interest payment has increased to Rs 56,727 crore in 2024-25 against Rs 48,578 crore last year. The government is expected to shell out Rs 1,59,071 crore on salary during 2024-25 against Rs 1,42,718 core last. This comes to 30.6 per cent of GSDP against 28.2 per cent last year. As far as pension is concerned, the government will spend Rs 74,011 crore (14.3 per cent) against Rs 60,446 crore (12 per cent). The government will incur a spending of Rs 33,063 crore (6.4 per cent) against Rs 52,484 crore (10.4 per cent).

As per the first revised estimates, the nominal GSDP for 2023-24 is estimated at Rs 40,55,847 crore as against Rs 36,41,543 crore for 2022-23. Real GSDP is estimated at Rs 24,35,259 crore for 2023-24 as against Rs 22,55,708 crore for 2022-23. As per the first revised estimates, the share of the state’s nominal GSDP in All-India nominal GDP is highest (13.5 per cent) during 2023-24. The Per Capita State Income for 2024-25 is estimated at Rs 3,09,340 against Rs 2,78,681 for 2023-24. The Revenue receipts of the state are expected to be Rs 4,99,463 crore for 2024-25 (BE) as against Rs 4,86,116 crore for 2023-24 (RE). The tax and nontax revenue (including central grants) for 2024-25 (BE) are expected to be Rs 4,19,972 crore and Rs 79,491 crore, respectively. Actual revenue receipts during 2024-25 up to January were Rs 3,81,080 crore (76.3 per cent of BE).

The revenue expenditure of the state is expected to be Rs 5,19,514 crore as per 2024-25 (BE) as against Rs 5,05,647 crore in 2023-24 (RE). During 2024-25 up to January, the actual revenue expenditure was Rs 3,52,141 crore (67.8 per cent of BE). As per 2024-25 (BE), the share of capital receipts in total receipts and share of capital expenditure in total expenditure is expected to be 24.1 per cent and 22.4 per cent, respectively. As per 2024-25 (BE), the percentage of fiscal deficit to GSDP, revenue deficit to GSDP and debt stock to GSDP is expected to be 2.4 per cent, 0.4 per cent and 17.3 per cent, respectively. The total outlay for Annual Plan 2024-25 is Rs 1,92,000 crore, of which Rs 23,528 crore is for the District Annual Plan.

During the kharif season of 2024-25, sowing was completed on 157.59 lakh ha area. The production of cereals, pulses, oilseeds and cotton is expected to increase by 49.2 per cent, 48.1 per cent, 26.9 per cent and 10.8 per cent, respectively, while the production of sugarcane is expected to decrease by 6.6 per cent over the previous year. Further, during the rabi season of 2024-25, sowing was completed on 62.81 lakh ha area. The production of cereals and pulses is expected to increase by 23 per cent and 25 per cent, respectively, while the production of oilseeds is expected to decrease by 22.7 per cent over the previous year. During 2023-24, the area under horticulture crops is expected to be 21.74 lakh ha, and production is expected to be 326.88 lakh MT.

/IANS