Economic survey: Maharashtra’s FY25 growth at 7.3%, industry, service sectors lose momentum

According to predictions the Maharashtra economy will expand by 7.3 percent during 2024-25 but this stands above the projected national rate of 6.5 percent. The Maharashtra economy forecasts a slower growth rate of 7.3% for the current fiscal year which stands lower than the 7.6% expected for 2023-24. The Economic Survey for 2024-25 released by Deputy Chief Minister and Finance Minister Ajit Pawar indicated that agriculture together with associated activities will expand by 8.7 percent this year compared to their 3.2 percent growth in the previous year.

Details On Debt

The estimated debt stock for Maharashtra during 2024-25 amounts to Rs 7,82,991 crore versus Rs 7,11,278 crore recorded in RE. The total debt amount of Rs 7,82,991 crore equals 17.3 percent of the gross state domestic product according to the Finance Commission guidelines. The industrial sector is expected to increase by 4.9 percent during the current fiscal year compared to its 6.2 percent growth from the last year. The services sector demonstrates a projected growth rate of 7.8 percent while the last year recorded 8.3 percent increase.

Per Capita State Income Shows Growth

The state government's interest payment expenses will reach Rs 56,727 crore during 2024-25 while last year they amounted to Rs 48,578 crore. During the upcoming financial year 2024-25 the government budgeted salary expenses will amount to Rs 1,59,071 crore while last year they amounted to Rs 1,42,718 core. The portion of GSDP expenditures amounts to 30.6 percent in this fiscal year when compared to 28.2 percent during the previous year. Pension expenditures by the government will reach Rs 74,011 crore (14.3 percent) while pension releases for the previous year totaled Rs 60,446 crore (12 percent). Government spending will amount to Rs 33,063 crore against the previous figure of Rs 52,484 crore.

Per Capita State Income for 2024-25

The annual income that each person receives within the state experienced upward growth. The state maintains the highest percentage (13.5) of its nominal GSDP contribution to All-India nominal GDP for the year 2023-24 according to first revised estimates. The anticipated Per Capita State Income for 2024-25 reaches Rs 3,09,340 whereas the actual figure for 2023-24 was Rs 2,78,681. believes Revenue receipts for 2024-25 (BE) will amount to Rs 4,99,463 crore while the RE estimate for 2023-24 totals Rs 4,86,116 crore. Total anticipated revenues including central grants and tax collections for 2024-25 (Budget Estimate) reach Rs 4,19,972 crore as well as Rs 79,491 crore respectively. From January through 2024-25 the actual revenue receipts reached Rs 3,81,080 crore which represents 76.3 percent of the budgeted estimate

Agricultural research prediction

Soil planting activities were finished on 62.81 lakh ha area during the rabi season of 2024-25. Agricultural research predicts that cereal production will rise by 23 percent and pulse output will boost by 25 percent but oilseed production will fall by 22.7 percent as compared to 2023 levels. A total of 21.74 lakh ha will be devoted to horticulture crops production in 2023-24 while the forecasted output reaches 326.88 lakh MT.