Sunday, February 28, 2021
Home Opinions Maharashtra will be the first Trillion Dollar state in the country if the Devendra...

Maharashtra will be the first Trillion Dollar state in the country if the Devendra Fadnavis govt continues the momentum

When the National GDP was showing signs of slowdown the Maharashtra state GSDP was growing at a healthy rate

Maharashtra has always been a pioneer in leading the country when it comes to its economy. We are the highest contributors to India’s GDP (14.89%) and the recipient of highest Foreign Direct Investment across all the states. We are an industrial house with the largest container port handling 70.71 million tonnes of traffic in FY 19 traffic in FY 19 with equally great achievements when it comes to agricultural production. We are the financial capital of the country and the educational hub of the nation at some point in time. It’s a state that is deeply rooted in the culture and at the same time focused and marching into the new era.

This stunning achievement was and is led by numerous industrialists and entrepreneurs for decades. The state is the pride of the nation and constant contributor to its growth. A hitch in its development has a direct and immediate impact on the national economy. Growth was badly hit in 2011 -2014 and then came the change in power at the state level and Devendra Fadnavis took over as the Chief Minister. What were his achievements? I try to highlight.

Magnetic Maharashtra

The Chief Minister started off the Magnetic Maharashtra programme to attract new capital and industry. It was broadly based on the vision of utilising the skilled workforce that the state offered and coupled with the incentives for new investment. The idea was to develop MSME and industrial clusters and tap the unutilised potential in areas like Amravati, Akola, Chandrapur and Solapur and Sangli. The Pune, Mumbai Kolhapur belt is fairly developed with state-of-the-art industry and enterprises.

Also Read- Devendra Fadnavis government has delivered almost every promise on economy and employment made before 2014 Maharashtra elections: An analysis

The state was lagging behind due to the policy paralysis offered by the earlier government. To set things right, the Devendra Fadnavis led government introduced new policies like state tax abatement, stamp duty exemption, skill development and single window clearance. Special incentives were offered for mega and ultra mega investments. Result? Thousands of MOU’s with investment commitments running into lacs of crores were signed up. Usually, many of these MOU’s never materialise into actual investments due to various factors, however, Maharashtra has a different story to offer. It converted 63% of the MOU’s Into actual investments.

Effect of the above

  1. GSDP of the state at current prices grew at a CAGR (in Rs) of around 11.77 per cent from 2011-12 to 2017-18.
  2. At current prices, GSDP of Maharashtra was Rs 24.97 trillion (US$ 387.36 billion) in 2017-18. This was at Rs. 16.50 Trillion (US$ 272.68 Billion) when Devendra Fadnavis took over.
  3. Maharashtra state’s per capita GSDP at the current price was Rs 205,537 (US$ 3,189.09) in 2017-18. This was Rs. 142381 ( US$ 2353.40) in 2013-14.
  4. The per capita GSDP of Maharashtra grew at a CAGR of 10.46 per cent between 2011-12 and 2017-18.
  5. At current prices, NSDP of Maharashtra was Rs 21.94 trillion (US$ 340.41 billion) in 2017-18. This number stood at Rs. 14.49 Trillion (US$ 239.47 Billion)
  6. Maharashtra’s NSDP grew at a CAGR of around 11.75 per cent from 2011-12 to 2017-18.
  7. At current price, the state’s per capita NSDP was Rs 180,596 (US$ 2,802.11) in 2017-18.
  8. The per capita NSDP of Maharashtra grew at a CAGR of 10.43 per cent between 2011-12 and 2016-17
  9. Over 2017-18, the tertiary sector contributed 54.50% to the state’s GSDP at current prices and this number was 51.07% in 2011.
  10. In 2017-18 the secondary sector contributed 33.60% to the state’s GSDP at current prices and this number stood at 30.88% in 2011.
  11. The tertiary sector grew at a CAGR of 15.12% between 2011- 12 and 2017-18. Growth was driven by trade, hotels, real estate, finance, insurance, transport, communications and other services.
  12. The secondary sector grew at a CAGR of 15.50% between 2011-12 and 2017-18. The growth in the secondary sector was driven by growth in manufacturing, construction and electricity, gas & water supply industries.
  13. The primary sector expanded at a CAGR of 6.25 per cent between 2011-12 and 2017-18. Agriculture is the major contributor in the growth of the primary sector followed by forestry and fishing

The above facts can be accessed and verified from the following Source.

The state increased its installed power capacity from 34,000 MW in 2013-14 to 44,000 MW in 2019-20. The state has 2 big ports which have handled 131.29 Million Tonnes and there are 48 minor ports which have handled 20.12 Million Tonnes in 2018-19. These are some staggering numbers if examined critically and that the state effectively uses the 700 kms of Coastline very effectively is a testament to the government’s efforts to build physical infrastructure.

Apart from the above, the state saw massive investment in industrial infrastructure as well. There are 29 export SEZ. In just 2017 the state government proposed 12 Bio-Technology SEZ with an investment of 4733 crores.

A Trillion Dollar Economy

When the National GDP was showing signs of slowdown the Maharashtra state GSDP was growing at a healthy rate. With such massive investment in infrastructure, education, telecommunication, healthcare, power and heavy industry coupled with land reforms and ease of doing business initiatives, the state is set to be the first trillion-dollar state in the country 5 years before its scheduled time as per the current growth rate, which again was propelled by the Devendra Fadnavis government. A sincere and independent opinion regarding the performance of the state government on the economy front is that they have done massively well and its hoped that the same momentum is carried forward.

  Support Us  

Whether NDTV or 'The Wire', they never have to worry about funds. In name of saving democracy, they get money from various sources. We need your support to fight them. Please contribute whatever you can afford

Searched termsassembly elections
Ashutosh Muglikar
Articles on Corporate Laws, Policy, Economics and Politics. Maverick. Lover of Ideas. Slayer of Hoaxes.

Related Articles

Trending now

Congress ‘remembers’ Kamala Nehru on her ‘birth anniversary’ which is actually her death anniversary: The legacy of gaffes continues

However, after many pointed out, Congress quietly deleted the tweet and posted another one with correct information that today was Kamala Nehru's death anniversary.

Naushad, who was caught spitting while cooking tandoori rotis in viral wedding video, to be booked under NSA

Earlier this month, a video of Naushad who appears to be spitting on the tandoori rotis before putting them inside the tandoor for cooking, while at a wedding function, had gone viral.

Delhi Police arrests 2 men who were plotting to assassinate Kashmiri activist Sushil Pandit against payment

Sukhvinder Singh and Lakhan said they were paid Rs 10 lakh each by one Prince to kill Kashmiri activist Sushil Pandit

Hindu Mahasabha asks Rahul Gandhi to change Congress’ name to ‘Godsevadi Congress’ after Godse follower joined party: Read why

Hindu Mahasabha has advised Congress leader Rahul Gandhi to change the name of the Congress party to Godsevadi Congress.

As desperate Pakistan welcomes the Indo-Pak ceasefire with much fanfare, India takes it with a caution

The latest ceasefire agreement between India and Pakistan comes nearly 17 years after such an agreement was first signed

Encryption vs Compliance: The new IT Act guidelines put messaging services like WhatsApp in a tight situation

To comply with the new IT Act guidelines, services like WhatsApp will have to break its famous end-to-end encryption

Recently Popular

Did Aamir Khan’s daughter Ira Khan elope with her Hindu servant? Here is the truth

The image that is being used to claim that Iran Khan has 'eloped with her Hindu servant' was originally shared by Nupur Shikare, her fitness trainer. The two were posing on the occasion of Diwali.

US President Joe Biden casually drops the N-word during Munich Security Conference, accused of racism on social media

The N-word is considered as one of the hateful words that were first uttered in the 17th century. Its origin can be traced back to the Spanish word 'negro', which is often used by white supremacists to deliberately offend the African-American community.

Father of Richa Bharti, the girl who had refused to distribute Quran to secure bail, shot dead in native Bihar village: Read details

The father of the daring Bihar girl Richa Bharti has been shot down by assailants in her native village of Nalanda district in Bihar.

“A contest between my ball and your ball”: Netizens in splits after comments of Harsha Bhogle go viral

Harsha Bhohgle said that a cricket contest should be between bat and ball, not between bat and bat or ball and ball

Spokesperson of Samajwadi Party resigns after workers abuse his wife for sharing anti-Akhilesh Facebook post: Details

Anil Yadav of Samajwadi Party has resigned from the party after his wife, Pankhuri Pathak, was abused by SP workers.

Father of 6, Mehtab Rana, abducts minor by shrouding her in Burqa, had abducted the girl twice in 2018, role of in-laws, family suspected

Kidnapping of a 17-year-old girl in Agra, where accused made her wear a 'burqa', has sent shockwaves and resulted in outrage
- Advertisement -

 

Connect with us

253,132FansLike
520,759FollowersFollow
23,800SubscribersSubscribe