Maharashtra’s economic survey 2023-24: Shinde government spurs robust growth and recovery

Mumbai (Maharashtra) [India], June 30 (ANI): The economic survey of Maharashtra for the year 2023-24 presents a positive outlook on the state’s economic recovery and growth under the leadership of the Shinde government, compared to the previous government under the Maha Vikas Aghadi (MVA).

The economic survey stated that after a period of stagnation under the previous Maha Vikas Aghadi (MVA) administration, the state’s economy is now on an upward trajectory, marked by growth in key areas such as Gross State Domestic Product (GSDP), Foreign Direct Investment (FDI), and entrepreneurship.

The survey highlighted the achievements of the current regime in the revival of Maharashtra’s GSDP, which is now outpacing that of Gujarat. The state’s GSDP grew at a rate of 9.4 per cent in 2022-23, which is higher than Gujarat’s 8 per cent.

The survey pointed out that the current growth numbers are in stark contrast to the average growth rate of 6.76 per cent during the MVA tenure from 2019 to 2022.

Additionally, the survey indicates an increase in per capita income, signalling economic recovery after a decline during the previous government.

In terms of attracting FDI, the survey showed Maharashtra’s strong performance. Under the Shinde government, Maharashtra has reclaimed its position as the top state for FDI, surpassing Gujarat and Karnataka, which had outperformed Maharashtra in 2020-21 and 2021-22, respectively.

According to the economic survey, Maharashtra has also emerged as a leader in fostering entrepreneurship, with the highest number of registered startups in India. The state boasts 21,105 startups, generating 2,37,171 jobs, the highest in the country.

The survey also highlights significant advancements in social welfare initiatives. The state’s economic survey claims that the Shinde government has issued 6.47 lakh more ration cards since 2022. In the agricultural sector, the state has made progress in horticulture and organic farming, with an increased area under fruit crops.

Regarding financial assistance to farmers, the survey highlighted that under the Pradhan Mantri Kisan Samman Nidhi (PM-KISAN) scheme, Rs 29,630.24 crore has been deposited into the accounts of 115.42 lakh small and marginal farmers in Maharashtra up to March 2024.

The financial sector has also seen a substantial increase in loans disbursed by commercial banks, regional rural banks, and cooperative banks, with a 39.93 per cent rise in financial assistance to farmers compared to the MVA government.

The survey pointed out that infrastructure development, particularly in energy generation, has been a focal point under the Shinde administration. The installed capacity for energy generation has significantly increased since 2022, with electricity generation rising by 7.7 per cent compared to the previous regime. This focus on infrastructure and energy is crucial for supporting the state’s long-term economic growth.

The survey also highlights increased allocation for women’s education. Expenditure on schemes such as the Ahilyabai Holkar scheme has seen a significant increase, with the number of beneficiaries rising from 7.12 lakh in 2021-22 to 22.33 lakh in 2022-23.