In a grim portend, the Economic Survey 2014-15 has predicted a growth of 5.7% in the Gross State Domestic Product (GSDP) during 2014-15 as against 7.3% in 2013-14, and 7.8% the year before. Moreover, the agriculture and allied sector, which employs around 53% of the workforce, is likely to show negative growth. The industries and services sector are expected to grow by 4% and 8.1% respectively.
In a grim portend, the Economic Survey 2014-15 has predicted that the Gross State Domestic Product (GSDP) of the state was expected to grow at 5.7% during 2014-15 as against 7.3% in 2013-14, and 7.8% the year before. Moreover, the agriculture and allied sector, which employs around 53% of the workforce, is likely to show negative growth. The industries and services sector are expected to grow by 4% and 8.1% respectively.
In an indication of the lopsided development process in the state, the districts of Mumbai, Thane and Pune contribute 46.8% to the GSDP. These regions also account for 50% of the industry sector. Mumbai's share in services is highest at 27.4% followed by Thane (14.1%) indicating that the talk of all-round development has failed to materialise in reality. The state also has to contend with a Rs 30,965 crore fiscal deficit and Rs 3,00,477 debt stock.
The Survey said that due to deficient rains in the 2014 kharif season, agricultural output was expected to fall.
The Industry sector is expected to grow at 4% with major contribution from growth of ‘Electricity, Gas & 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. The Services sector is expected to grow at 8.1 per cent. Overall, the economy is anticipated to grow at 5.7 per cent during 2014-15, said the Survey.
During 2013-14, the total cargo traffic handled by major and non-major ports was 1,462.91 lakh MT, of which, share of Mumbai Port Trust and Jawaharlal Nehru Port Trust was 40.5% and 42.6% respectively.
In the same period, domestic and international cargo handled by airports in the state was 2.09 lakh MT and 4.68 lakh MT respectively. The passenger traffic during 2013-14 from domestic and international airports was 272.1 lakh and 102.4 lakh respectively.
The GSDP at constant (2004-05) prices is Rs 8,96,768 crore during 2013-14, as against Rs 8,35,929 crore in 2012-13, showing an increase of 7.3% as per the first revised estimates. GSDP during 2013-14 at current prices is Rs 15,10,132 crore, showing an increase of 14.2% over the previous year, the Survey said.
The net state domestic product (state income), as per the first revised estimates, is Rs 13,65,149 crore and per capita state income is Rs 1,17,091 during 2013-14, it added.
Average consumer price index for rural and urban areas from April to December 2014 increased by 3.5% and 4% respectively over the corresponding period of the previous year.
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