Maharashtra GSDP to be over 8% in 2013-14

Jun 04 2014, 15:24 IST
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SummaryMaharashtra's Gross State Domestic Product is estimated to have grown at 8.7 pct with agriculture showing remarkable turnaround.

Maharashtra's Gross State Domestic Product (GSDP) is estimated to have grown at 8.7 per cent in 2013-14 with agriculture showing remarkable turnaround, as per the state Economic Survey tabled in the Legislature here today.

The Agriculture and allied activities sector in Maharashtra is expected to show a grow of 4 per cent. During 2012-13, its growth rate was (–)1.0 per cent.

The growth in Industry sector in 2013-14 is seen at 8.8 per cent and that of the services sector, at 9.3 per cent.

The tentative estimates of 2013-14 indicate increase in production of foodgrains, oil seeds and cotton by 38 per cent, 5 per cent and 11 per cent respectively over the previous financial year.

"It is mainly due to satisfactory rainfall received during the sowing period and vegetative growth stage of Kharif crops in all parts of the state," the survey said.

By the end of June 2012, the total irrigation potential created was 49.26 lakh hectare of which 27.19 lakh hectare was from major irrigation projects, 8.67 lakh hectare was from medium irrigation projects and remaining 13.40 lakh hectare was from minor irrigation projects.

Due to insufficient rainfall in 2012-13, Maharashtra had faced a severe drought situation. Live storage of water was required to be reserved for drinking purposes due to which there was a decrease in total irrigation potential utilised during 2012-13.

The total rainfall in the state during 2013 was 124.6 per cent of the normal rainfall. Out of 355 talukas, excluding Mumbai, 186 talukas received excess, 153 received normal and 16 talukas received deficient rainfall.

Revenue receipts of the state government are pegged at Rs 1,58,410 crore during 2013-14, as against Rs 1,42,947 crore during 2012-13. Tax and non-tax revenue are Rs 1,26,961 crore and Rs 31,449 crore.

Revenue expenditure of the state government is estimated at Rs 1,61,427 crore in 2013-14 as against Rs 1,38,736 crore during 2012-13. The revenue deficit is seen at Rs 3,017 crore, fiscal deficit at Rs 26,563 crore and debt stock at Rs 2,71,845 crore in 2013-14.

During 2012-13, commercial banks, regional rural banks and Maharashtra state co-operative bank/district central co-operative banks/land development banks respectively disbursed crop loan of Rs 11,776 crore, Rs 1,401 crore and Rs 11,076 crore. These banks also disbursed agricultural term loans of Rs 5,444 crore, Rs 87 crore and Rs 883 crore.

Primary agriculture credit co-operative societies disbursed loan of Rs 8,324 crore to farmers out of which loans of Rs

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