Maharashtra GSDP snippets
For the first time in five years, Maharashtra’s gross state domestic product (GSDP) is expected to fall below the national average during the current financial year (2008-09). According to the Economic Survey of Maharashtra tabled in both houses of the state legislature, the GSDP is estimated to grow at 6.7% in the current fiscal, against the national GSDP’s estimated growth of 7.1%. This figure has been worked out considering the anticipated level of agricultural and industrial production and performance of key sub-sectors such as transport, communications, trade, real estate, business services, hotels and restaurants. Significantly, agriculture and allied activities are likely to register a negative growth of 7.1% whereas the industry sector is expected to grow by 4.8%. However, the service sector is likely to grow by 10.5% and help the state maintain the state’s economic momentum. To add to the worry is the 24% decline in the foodgrains production for Kharif and Rabi season compared with the previous year. The 30% reduction in the harvested area has affected the sugarcane production as it is estimated to be lower by 43% compared with the previous year. There was also a steep fall of 49% in the production of oilseeds. “This will lead to an increase in the prices of essential commodities,’’ said a senior bureaucrat. Besides, this debt burden on the state is expected to increase to Rs 1,58,520 crore for the current fiscal as compared to Rs 97,674 in 2003-04. But there is one to thing cheer about. The generation of electricity up to November was 51,465 million KWH, which is 6% higher than that in the corresponding period of 2007-2008.
Economic survey of Maharashtra: The population with Marathi as a mother tongue has decreased to 68.8% from 76.5% during the past three decades The poverty estimate provided by the Planning Commission of India, reveal that the poverty ratio in the state during 2004-05 is 30.7% as against all India average of 27.5% The number of persons living below poverty line is gradually increasing since 1973-74 and has increased by 12.2 lakh persons in 2004-05 compared with 1993-94 The percentage of revenue receipts has declined to 181.3% from 284.2% during the same period The average cost of borrowings has declined to 9.2% from 12% in 2003-04 in 2007-08 Milk production in the state during 2007-2008 was estimated to be 72.1 lakh million tonne; it has risen by 3.3% over the previous year The fiscal deficit has drastically declined to 2.6% of the GSDP in 2006-07 and is expected to decline further to 2.1% during 2008-09 The revenue expenditure of the state government during 2008-09 is expected to be Rs 78,946 crore, 19% higher than the previous year, of which interest payment is Rs 12,953 crore (16.4%) Under foreign direct investment, 4,041 projects with an investment of Rs 75,096 crore have been approved by the Centre for setting up industries in the state since August 1991. Till the end of March 2008, 1,659 projects with an investment of Rs 39,291 crore were commissioned The estimated employment in the state based on National Rural Employment Guarantee Scheme (NREGS) during 2008-09 was 4.2 crore person days against 6.0 crore person days provided under employment guarantee scheme and NREGS during 2007-08