Maharashtra GSDP At Rs 35.27 Lakh Crores And Per Capita Income Rs 2.42 Lakhs, India's Economic Powerhouse Grew 6.9% In 2022-23

Maharashtra's Gross State Domestic Product (GSDP) at current prices (nominal) for 2022-23 is estimated to be Rs 35.27 Lakh Crores while the per capita income is at Rs 2.42 lakhs, according to the State’s annual Economic Survey, tabled by Deputy Chief Minister and Finance Minister Devendra Fadnavis in the Assembly on March 8 (Wednesday).

The state's economy is estimated to register a growth of 6.8% in 2022-23 as compared to 9% growth in the previous fiscal 2021-22.

Maharashtra's per capita State income for 2022-23 was Rs 2.15 lakhs in the fiscal year 2021-22.

The revenue receipts of the State are estimated to be Rs 4.03 lakh crores for 2022-23 (budgetary estimates) as against Rs 3.62 lakh crores during 2021-22 (Revised Estimates). The revenue expenditure of the State is expected to be Rs 4.27 lakh crore as of 2022-23 (BE) as against Rs 3.92 lakh crores during 2021-22 (RE).

The percentage of fiscal deficit to GSDP is 2.5%, and debt stock to GSDP is 18.4% as per the budget estimates for 2022-23.

Sectoral Growth

During the current fiscal year, the agriculture & allied sector is expected to grow by 10.2 per cent, while the industrial sector is expected to grow by 6.1 per cent. The services sector is expected to grow by a rather tepid 6.4 per cent.

The State's impressive agricultural growth is attributed to the good monsoon and the absence of drought for the past three years. The State recorded 119.8 per cent monsoon rain in 2022. Of the total 355 talukas (excluding those in Mumbai city & Mumbai suburban districts), 204 received excess rainfall, 145 received normal rains, and only six received deficient rainfall.

During the rabi season of 2022-23, sowing was completed on 57.74 lakh ha. The production of pulses is expected to increase by 34 per cent, while the production of cereals & oilseeds is expected to decrease by 13 per cent each over the previous year, the survey noted.

Under Pradhan Mantri Kisan Samman Nidhi (PM-KISAN) scheme, almost Rs 22,000 crore has been deposited in bank accounts of 110.31 lakh small and marginal farmer-beneficiaries in the State between April 2022 and February 2023, the economic survey said.

Physical And Social Infrastructure

The economic survey said that 90% of the work on Hindu Hruday Samrat Balasaheb Thackeray Maharashtra Samruddhi Mahamarg, the eight-lane expressway (701 km long and 120 metres wide) connecting Mumbai and Nagpur, is complete. The survey noted that the Nagpur to Shirdi road (about 520 km long) of Hindu Samruddhi Mahamarg has been completed and opened to traffic from December 2022.

While 70 per cent of work on the Rs 12,721 crore Mumbai Coastal Road Project (South is complete as of January 2023, the survey also said that work on Rs 17,843 crore Mumbai Trans Harbour Link project is in full progress.

At the end of March 2022, the total road length maintained by the state public work department (PWD) and Zill Parishad was about 3.24 lakh km.

During 2021-22, the survey said total cargo traffic handled by major and non-major ports in the State was 1,883.59 lakh MT as against 1,579.11 lakh MT during the previous year. During 2021-22, the passenger traffic from domestic and international airports in the State was 245.65 lakh and 32.12 lakhs, respectively, whereas the corresponding figures for 2020-21 were 133.96 lakhs and 12.23 lakh, respectively.

The survey said that nine metro lines are currently under construction in Mumbai. (Metro Line 3: Colaba to Bandra to Seepz  Metro Line 4: Wadala to Ghatkopar to Thane to Kasarwadavli  Metro Line 4A: Kasarwadavli to Gaimukh  Metro Line 5: Thane to Bhiwandi to Kalyan  Metro Line 6: Swami Samarth Nagar to Vikhroli  Metro Line 9: Dahisar (E) to Mira Bhayandar to Andheri  Metro Line 10: Gaimukh to Shivaji Chowk (Mira Road)  Metro Line 11: Wadala to CSMT  Metro Line 12: Kalyan to Taloja).

The survey noted two metro lines ( Line 2A: Dahisar to D. N. Nagar and Line 7: Andheri (E) to Dahisar East) were commissioned in the current fiscal.

During 2022-23 up to October, the average peak demand for electricity was 22,339 MW, and the electricity supply was 22,441 MW. During 2021-22, the average peak demand for electricity was 21,221 MW, and the supply was 21,750 MW.

The survey estimated the number of internet subscribers in the State (as of September 2022 ) at 10.06 crores, while the number of Cell phone connections was at 12.56 crores.

Between April 2022 and February 2023, the State provided tap water connection to 1.07 crore households, 79,274 schools and 86,238 Anganwadi centres. The State has achieved 100 per cent sanitation coverage in 27,668-gram panchayats & 351 panchayat samitis in 34 districts under Swachh Bharat Mission (Rural).

As per the All-India Survey of Higher Education 2020-21, 71 universities, 4,532 colleges and 2,153 stand-alone institutions in the State with 49.94 lakh enrolment therein.

Foreign Direct Investment

The report said that the Foreign Direct Investment (FDI) inflow into Maharashtra from April 2000 to September 2022 was ₹10.88 lakh crore, which was 28.5% of the total FDI inflow into the country.