Maharashtra’s economy projected to grow at 6.8 per cent in 2022-23


State Finance Minister Devendra Fadnavis presented the Maharashtra Economic Survey for the year 2022-23 in the Maharashtra Legislative Assembly on Wednesday. It has been estimated that the state economy is expected to grow at 6.8 per cent and the Indian economy at 7 per cent during the year 2022-23. The state’s growth rate was recorded at 9.1 per cent in the last financial year. The fiscal deficit is expected to be 2.5 per cent in the financial year 2022-23.

State Finance Minister Devendra Fadnavis tabled the Economic Survey in the Assembly a day before the presentation of the budget. The survey noted that Maharashtra has the highest average share of 14 per cent in the national GDP at current prices. The economic survey presented by the state government has estimated a decline in the growth rate of agriculture sector and service sector, while the growth rate of industrial sector has improved.

It has been told in the survey that where the growth rate of agriculture and allied services sector was recorded at 11.4 percent in 2021-22, it is estimated to be 10.2 percent in 2022-23. While the growth rate of the industrial sector is expected to jump significantly. Where it was 3.8 percent last year, it is estimated to be 6.1 percent in 2022-23. The growth rate of service sector was 10.6 per cent last year, which is expected to come down to 6.4 per cent this time.

The Gross State Domestic Product (GSDP) of the state is expected to increase as compared to the previous financial year. In 2021-22 it was Rs 31,08,022. And in 2022-23, it is estimated to be Rs 35,27,084. An estimate of increase in per capita income has been expressed in Maharashtra. The per capita income in the state in 2021-22 was Rs 2,15,233, which is estimated to be Rs 2,42,247 in 2022-23. The per capita income of the state in the last year (2021-22) was less than that of Karnataka, Haryana, Telangana and Tamil Nadu.

This time the opposition demanded to make proper arrangements for the farmers and the poor in the budget. Opposition leaders demanded relief for the farmers. NCP leader Chhagan Bhujbal said that all NAFED should go directly to the markets and auction onions. This will increase the price by at least Rs 100-200 per quintal. If the government does not give them proper help, then the farmers can come on the road and this will create a law and order situation.

He further said, ‘The Maharashtra government should provide financial assistance to onion farmers. The Gujarat government is also helping them. If it is being claimed that the economic condition of Maharashtra is very good, then why financial assistance is not being given to the farmers.

NCP leader Ajit Pawar said that farmers of Maharashtra have suffered a lot due to unseasonal rains in the last three days. The state government must make an announcement to support the farmers and give compensation. We have given an adjournment notice in the assembly on the issue of compensation to the farmers.


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