Mumbai, Jun 17 (UNI) Maharashtra Legislative Assembly commenced its first day of the monsoon session by tabling the 2018-19 State Economic Survey on Monday.
Based on the aforementioned survey, the state economy is expected to grow by 7.5 per cent during 2018-2019, while the agricultural crop production in the state is expected to see an eight per cent negative growth, owing to the prevalent severe drought.
During 2018-19, the Foreign Direct Investment (FDI) inflows in the state were Rs 80,013 crore, the Survey highlighted.
It forecast that the Agriculture and Allied sector is expected to grow at 0.4 per cent, a decline by 2.7 per cent, as compared to previous year’s 3.1 per cent growth.
During 2018-19, the annual budget for Agriculture and Allied activities sector in the annual credit plan is Rs 85,464 crore and during 2017-18, the primary agriculture credit societies disbursed loans of Rs 14,73 crore to farmers, the Survey presented.
The forecast growth rate for the state economy is similar to the 7.5 per cent growth in Gross State Domestic Product (GSDP) last year.
In terms of Per Capita Income (PCI), which was Rs 1,91,827, Maharashtra stood third behind Karnataka and Andhra Pradesh, as the PCI of the duo state stood at Rs 2,07,062 and Rs 1,43,935, respectively.
Industry and service sector is expected to grow by 6.9 per cent and 9.2 per cent, respectively, as compared to the previous year’s growth of 7.6 per cent and 8.1 per cent, the Survey said.
The percentage of gross irrigated area to gross cropped area was not made available for the 7th year in succession.
During the previous Congress-NCP regime in 2009-10, a controversy erupted, when the then Chief Minister Prithviraj Chavan said despite spending Rs 77,000 crore on irrigation, only 17.9 per cent of the area was irrigated.