2017-18's Economic Survey report tabled before Maharashtra legislative assembly before this year's budget has declared that the state's gross state domestic product (GSDP) has fallen to 7.3% compared to high growth rate of 10% that was recorded last year.
The budget, having a projected revenue mobilisation of Rs 2.86 lakh crore against a revenue expenditure of Rs 3.01 lakh crore, has earmarked Rs 10,828 crore for road development and Rs 7,235 crore on setting up power infrastructure.
The minister said the state has made continuous efforts to increase its investment in the agricultural sector and announced allocation of Rs 8,233 crore for the water resources department.
The production of cereals, pulses and oilseeds is expected to decrease by 39 per cent, 4 per cent and 73 per cent, respectively, in 2017-18 as compared to previous year, it stated.
- According to the survey, the industry and services sectors are expected to grow at 6.5 percent and 9.7 percent respectively.
- Till February 7, 2018, about 2.2 crore bank accounts were opened in the state under the Pradhan Mantri Jan Dhan Yojana with deposits of about Rs 4,304 crore.
The number of beneficiaries increased to 1.97 lakh in 2017-18 from 1.89 lakh in 2015-16. The state Economic Survey released on Thursday showed that the state had only spent Rs 529 crore on the arogya scheme up to December 2017. A group of 20 farmers with cumulative land holding not exceeding 100 acres would be provided subsidies up to Rs 1 crore for group farming.
Gov. Rick Scott considers controversial school safety bill
Additionally, the measure will raise the age from 18 to 21 and impose a three-day waiting period for the purchase of rifles. Rick Scott has signed, saying it violates the Second Amendment by raising the age to buy guns from 18 to 21.
Contradictory to the state's trillion-dollar- economy-by-2025 dream, the state government's debt stock (all debt, national and international) is going to touch Rs 4.61 lakh crore.
- During 2017, 354 projects with an expected investment of Rs 48,581 crore and proposed employment of 0.27 lakh were registered and 24 projects with an expected investment of Rs 1,582 crore and proposed employment of 0.2 lakh were implemented.
Maharashtra Finance Minister Sudhir Mungantiwar on Friday presented a revenue deficit Rs 15,375 crore budget for the financial year 2018-19, as against Rs 4,511 crore estimated in the 2017-18 budget.
Meanwhile, the deteriorating condition of the state's economy has also reflected in the state's increasing debt stock.
The survey points out that the state has registered an impressive increase of 17.8 per cent in the revenue receipts over past year while keeping the fiscal deficit limited to Rs 38,789 crore.
"There will be revenue deficit of Rs 15,375 crore which the government will try to reduce by various measures", the finance minister said.
During Kharif season of 2017, the sowing was completed on 150.45 lakh hectares with a minor increase over the previous year.