Maharashtra Economy Likely To Grow By 9.4% In FY17: Economic Survey

Villagers walk through Bhilkhera village, Maharashtra, India (Photographer: Sanjit Das/Bloomberg)

Maharashtra's economy is expected to grow by 9.4 percent in 2016-17 over the previous year, according to the Economic Survey for 2016-17 presented in the State Legislature in Mumbai on Friday.

The Economic Survey was presented by State Finance Minister Sudhir Mungantiwar in the Legislative Assembly, while in Legislative Council it was tabled by Minister of State for Finance Deepak Kesarkar. The Survey stated that agriculture and allied activities sector is likely to grow by 12.5 percent.

According to the report, the state witnessed good rains (94.9 percent) of 'normal rainfall' during 2016-17 after a dry spell of two years. Out of 355 talukas, excluding Mumbai city and suburbs, 58 talukas received deficient, 216 normal and 81 talukas received excess rainfall.

During 2016 Kharif season, sowing was completed under 152.12 lakh hectares and the production of cereals, pulses, oil seeds, and cotton is expected to increase by 80 percent, 187 percent, 142 percent and 83 percent, respectively in financial year 2016-17. Production of sugarcane is projected to drop by 28 percent against the previous year.

The area under Rabi crop in 2016 stood at 51.31 lakh hectares. Production of cereals, pulses and oil seeds is expected to increase by 62 percent, 90 percent and 36 percent, respectively. Industry and services sectors are expected to grow at 6.7 percent and 10.8 percent, respectively.

The expected revenue receipts for financial year 2016-17 are Rs 2,20,810 crore as against Rs 1,98,321 crore during 2015-16, the survey stated. The actual revenue receipts during April to December 2016 were Rs 1,40,864 crore, an increase of 11.4 percent over the corresponding period of the previous year, the survey said.

The expected revenue expenditure of the state is Rs 2,24,455 crore in 2016-17 as against Rs 2,07,611 crore during 2015-16.

Under the Jalyukt Shivar Yojana, out of 6,202 villages in the state selected in 2015-16, 4,374 villages were made water neutral. During 2016-17, 5,281 villages were selected.