Maharashtra Survey sees farm growth returning in FY19

The Economic Survey of Maharashtra for 2018-19 has a silver lining for the gloomy agriculture sector. The survey has reported that agriculture and allied activities are expected to grow by 0.4 per cent against last year’s negative 8.3 per cent due to poor monsoon.

On Monday the survey report was tabled in the Maharashtra Assembly.

The report pointed out that during kharif season of 2018, sowing was completed on 151.03 lakh hectares. The production of cereals is expected to decrease by six per cent and pulses by 35 per cent, while the production of oilseeds is expected to increase by 16 per cent, cotton by 17 per cent and sugarcane by 10 per cent over the previous year.

During 2018-19, the area under rabi crops is 33.83 lakh ha which is 50 per cent less compared to the previous year mainly due to deficit rainfall in September and October of 2018.

During 2018-19, the area under horticulture crops is 16.43 l ha and production is expected to be 224.17 lakh tonnes as against area of 17.22 l ha and production of 248.53 lakh tonnes during 2017-18, the report said.

The report said as per the advance estimates, the State economy is expected to grow by 7.5 per cent while the Indian economy is expected to grow by 6.8 per cent.

During the 2018-19, Industry and Services’ sectors are expected to grow by 6.9 per cent and 9.2 per cent, respectively.

BFSI sector

Under the Pradhan Mantri Jan Dhan Yojana, up to May 15, 2019 over 2.50 crore bank accounts were opened in the State with total deposits of ₹5,890 crore.

Under Pradhan Mantri Mudra Yojana , Maharashtra leads in terms of loan disbursement. In 2017-18 total loans of ₹22,266 crore were disbursed to 35.97 lakh beneficiaries, of which 31.46 lakh were under Shishu category (up to ₹50,000); 3.55 lakh under Kishor (₹50,000 to ₹5 lakh) and 0.96 lakh under Tarun (₹5 lakh to ₹10 lakh).

During 2018-19 total loans rose ₹25,742 crore, disbursed to 43.86 lakh beneficiaries of which 37.51 lakh were under Shishu, 5.10 lakh under Kishor and 1.25 lakh under Tarun category, the report added.