Maharashtra’s economy to outpace national growth, but debt to rise

(From left) CM Devendra Fadnavis with Deputy CMs Eknath Shinde and Ajit Pawar at the Budget session. Pic/X/@CMOMaharashtra

Maharashtra's economy is projected to grow at 7.3 per cent in 2024-25, but the debt stock is expected to rise. Ajit Pawar the finance minister on Friday in the state legislative assembly tabled the pre-Budget Economic survey which mentioned that Maharashtra's debt is expected to rise by 10.1 per cent in 2024-25, but will remain within the safe limits of 17.3 per cent of GSDP (Gross State Domestic Product), below the prescribed 25 threshold under MFRBM (Maharashtra Fiscal Responsibility and Budget Management) rules.

Pawar, deputy chief minister, stated that Maharashtra's 7.3 per cent projected growth in economy is higher than the national growth estimate of 6.5 per cent.
Further, the document exhibits that when it comes to per capita income for the year 2023-24, Maharashtra ranks fourth. As per the document tabled by Pawar, the per capita state income for 2024-25 as per advance estimates is R3,09,340 as against R2,78,681 as per first advance estimates for 2023-24.

Survey highlights

Agriculture & allied sectors: Expected growth of 8.7%
Industry growth: 4.9%
Services growth: 7.8% (down from 8.3% in 2023-24 RE)
Revenue deficit: R20,051 crore (0.4% of GSDP)
Fiscal deficit: R1,10,355 crore (2.4% of GSDP, within the 3% limit)
Primary deficit: R53,628 crore (1.2% of GSDP)