Maharashtra's Economic Surge: GSDP To Soar By 7.6% In 2023-24 Amid Sectoral Growth And Fiscal Stability; Highlights Economic Survey

Maharashtra's Economic Surge: GSDP To Soar By 7.6% In 2023-24 Amid Sectoral Growth And Fiscal Stability; Highlights Economic Survey

The state's Gross State Domestic Product (GSDP) at current prices for 2023-24 is projected at Rs 40.44 lakh crore, with the real GSDP estimated at Rs 24.11 lakh crore.

G R MukeshUpdated: Thursday, June 27, 2024, 04:15 PM IST
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Maharashtra's Economic Surge: GSDP To Soar By 7.6% In 2023-24 Amid Sectoral Growth And Fiscal Stability | Image: Wikipedia (Representative)

Maharashtra, the India's economic powerhouse and the leading contributor to national GDP, has had set a substantial economic development across various sectors in the recent years.

According to the state's latest Economic Survey for 2023-2024, presented by the Deputy Chief Minister Ajith Pawar in the Maharashtra legislature whose monsoon session began on Thursday, June 26, highlighted that the state's economy is expected to grow by 7.6 per cent, and emphasised various sectorial performances and economic indicators.

Economic Growth and GSDP Projections

The state's Gross State Domestic Product (GSDP) at current prices for 2023-24 is projected at Rs 40.44 lakh crore, with the real GSDP estimated at Rs 24.11 lakh crore, highlighting a significant increase from the previous year's growth rate of 6.8 per cent.

Moreover, the state's share in the national nominal GDP also remains the highest at 13.9 per cent.

The Economic Survey also outlined key fiscal indicator

The Economic Survey also outlined key fiscal indicator | Representational image

Fiscal Indicators

The Economic Survey also outlined key fiscal indicators which are follows:

Fiscal deficit - 2.8 per cent of GSDP

Revenue deficit - 0.5 per cent of GSDP

Debt stock - 17.6 per cent of GSDP

Revenue and Expenditure

The revenue receipts for 2023-24 are projected at Rs 4.86 lakh crore, an increase from Rs 4.05 lakh crore in the previous fiscal.

Moreover, the revenue expenditure is expected to surge to Rs 5.05 lakh crore from Rs 4.07 lakh crore.

Maharashtra revenue receipts for 2023-24 are projected at Rs 4.86 lakh crore

Maharashtra revenue receipts for 2023-24 are projected at Rs 4.86 lakh crore | Image: Wikipedia (Representative)

Sectoral Performances

Agriculture and Allied Activities

Although, having faced a 'scarcity situation,' the agriculture sector is expected to grow by 1.9 per cent . In addition, for the Kharif season 2024, the key crop productions are projected to decrease such as cereals by 23 per cent, pulses by 10 per cent, oilseeds by 2 per cent, and sugarcane by 17 per cent.

However, cotton production is anticipated to rise by 3 per cent.

Industry Sector

The industry sector is forecasted to grow by 7.6 per cent, due to strong performances in manufacturing and construction.

 Service Sector, a major growth driver in the development phenomenon

Service Sector, a major growth driver in the development phenomenon | Canva

Services Sector

The services sector, a major growth driver in the development phenomenon, is expected to expand by 8.8 per cent.

Rainfall and Agricultural Impact

The state received 86.4 per cent of its normal rainfall during the 2023 monsoon. While 19 talukas experienced excess rainfall, 146 talukas faced deficient rainfall, impacting crop yields.

Maharashtra substantial sowing activities

Kharif season saw 155.64 lakh hectares sown and Rabi season completed sowing on 58.60 lakh hectares.

FDI

Moreover, the state continues to lead in Foreign Direct Investment (FDI) inflows and contributed 16 per cent to India's total exports during 2022-23.

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