With the State's estimates going wrong on revenue surplus, the finance department officials reportedly asked the government not to announce any new populist schemes in 2018-19, the last full budget of the present TRS government.
- According to the survey, the industry and services sectors are expected to grow at 6.5 percent and 9.7 percent respectively.
Maharashtra's economy is expected to grow at 7.33 per cent in 2017-18 against 10 per cent in 2016-17.
Finance Minister Sudhir Mungantiwar today presented the budget for 2018-19, which has an estimated revenue deficit of Rs 15,374 crore and focuses on improving infrastructure. However, during 2017-18 the agriculture and allied sectors are expected to register (-) 8.3 percent due to fewer rains (84.3 percent of normal rains) as compared to previous year. Comparing it with the gross state domestic product, the state will have 16.5 per cent of the debt stock against 16.3 per cent a year ago. The Survey mentioned that the per capita income in Maharashtra for 2016-17 stood at Rs 1,65,491 whereas that of Karnataka at Rs 1,57,474.
During kharif season of 2017, sowing was completed on 150.45 lakh hectare against 149.99 lakh hectare in 2016 while the area under rabi crops substantially fell to 46.88 lakh hectare in 2017-18 against 68.29 lakh hectare.
Besides, Cidco is developing 11km metro network worth Rs 3,043 crore in Navi Mumbai, while the Pune Metropolitan Region Development Authority has undertaken 23.3 km metro project in the city costing Rs 8,313 crore.
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- The survey said the debt stock is 16.6 percent of the gross state domestic product (GSDP), which is well within the limit of 22.2 percent laid down by the 14th Finance Commission.
The state has also made a provision of Rs 220 crore as subsidiary loan for the metro projects undertaken by the MMRDA (in Mumbai) and Maharashtra Metro Rail Corporation (MMRC) in Pune and Nagpur.
- During 2017, 354 projects with an expected investment of Rs 48,581 crore and proposed employment of 0.27 lakh were registered and 24 projects with an expected investment of Rs 1,582 crore and proposed employment of 0.2 lakh were implemented. Infrastructure spending is highest in road works, with an allocation of Rs 10,828 crore.
- The average cost of borrowing is expected to be 8.4 percent in 2017-18.
The government in March 2017 had estimated revenue receipts of Rs 2,43,738 crore, however, it was later revised to Rs 2,57,605 crore, Mr Mungantiwar said.
The tax revenue is expected to increase by 11.6 percent during 2017-18 over the previous year.