Maha GSDP likely to grow at 5.7 pc; agri rate declines
Mumbai: Maharashtra’s Gross State Domestic Product (GSDP) is expected to grow at 5.7 per cent during 2014-15, according to the state Economic Survey, tabled in the State Legislature today.
The survey, presented a day ahead of the state budget tomorrow, however, says ‘agriculture and allied activities is expected to show negative growth ‘as fluctuations in rains have adversely affected the sector.
The state received around 70 per cent of its normal rains resulting in negative growth of about 12.3 per cent in the Agriculture sector over the previous year.
Forestry sector is expected to grow at 7.3 per cent over the previous year while fishing sector is expected to grow at 2.6 per cent.
Overall, the Agriculture and allied activities sector is expected to grow at (-) 8.5 per cent over the previous year, the report which was tabled in the Legislative Assembly by Minister of State for Finance, Deepak Kesarkar, said.
Industry and services sector are expected to grow at four per cent and 8.1 per cent respectively with major contribution from the growth of electricity, gas and water supply at 16.3 per cent and construction sector at 10.4 per cent. Manufacturing sector is expected to grow at 0.5 per cent over the previous year, it says.
Overall, the economy is anticipated to grow at 5.7 per cent during 2014-15, the report said.
Maharashtra’s GSDP at constant (2004-04) prices is Rs 89,6768 crore during 2013-14, as against Rs 83,5929 crore in 2012-13, the survey says.
This is an increase of 7.3 per cent as per the first revised estimates, it adds.
GSDP during 2-13-14 at current prices is Rs 15,10132 crore, showing an increase of 14.2 per cent over the previous year.
During August 1991 to October 2014, 18,709 industrial projects with proposed investment of Rs 10,63342 crore were approved. Of these, 8376 projects (44.8 per cent) with proposed investment of Rs 25,4784 crore (23.9 per cent) were commissioned, the survey said.