Maharashtra deputy chief minister and finance minister Devendra Fadnavis tabled the Economic Survey 2022-23 on Wednesday, which indicated that the state’s economy is expected to have grown by 6.8% against the national growth of 7%. The CM Eknath Shinde-Fadnavis government will present its first budget on Thursday.
As per the Economic Survey, the fiscal deficit of the Maharashtra government is expected to be at 2.5% for 2022-23. Also, agriculture and the allied activities sector is expected to see 10.2% growth, industry sector 6.1% and services sector 6.4%.
The state’s revenue receipts are expected to be ₹ 403,427 crore for 2022-23 against ₹ 362,133 crore during 2021-22. In the breakup, the tax and non-tax revenue (including central grants) for 2022-23 are ₹ 308,113 crore and ₹95,314 crore, respectively. The revenue expenditure of the state is expected to be ₹427,780 crore against ₹392,857 crore during 2021-22.
At the national level, the Economic Survey for 2022-23 released on January 31 forecast India’s economy growth at 7% for the current fiscal year ending March 31, following an 8.7% growth in 2021-22. The national Economic Survey has projected a baseline GDP growth of 6.5% in real terms for 2023-24.
The Maharashtra budget comes at a crucial point as farmers in the state are protesting against the government for falling prices of onions and damage of crops due to untimely rain.
The onion farmers are asking for subsidy as the rates have fallen sharply due to high yield and ban on exports to foreign countries. Farmers are hoping that the budget will give them relief.
While speaking on the floor of the assembly, Fadnavis said, “The recent unseasonal rain damaged standing crops on 13,729 hectares in eight districts of Maharashtra. The administration has issued an order to release relief and financial assistance to affected areas immediately.”
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