Most sectors on decline, Maha minister defends economic survey
"The growth in trade, hospitality, communication, financial and professional services, public administration, defence and other services are estimated to rise when compared to 2017-18." Mungantiwar stressed.
MUMBAI: Even as Maharashtra strives to be a trillion dollar economy by 2025, most of the sectors that will propel this growth showed a decline in 2018-19, as per figures released by the state Economic Survey Monday.
Except for a two per cent rise in the construction sector, others like mining, manufacturing and utility are showing a downward trend, it revealed.
Maharashtra Finance Minister Sudhir Mungantiwar, however, Monday defended the report, claiming that investment in several sectors was still underway and they would report a rise in the coming period.
"The growth in trade, hospitality, communication, financial and professional services, public administration, defence and other services are estimated to rise when compared to 2017-18. This means jobs are being created in these sectors as well. Growth cannot be seen only through investment in select sectors," Mungantiwar stressed.
The economic survey has shown 7.2 per cent growth rate in 2017-18 as against an estimated rise of 2.9 per cent in 2018-19 in the mining and quarrying sector.
Manufacturing is estimated to rise at 7.1 per cent in 2018-19 against 7.7 in the fiscal before that, and utility services at 4.3 per cent against 6.5 per cent in 2017-18, it showed.
The construction sector is estimated to grow by 9.9 per cent in 2018-19 against 7.9 per cent in 2017-18.
Mungantiwar also claimed that, for the first time, Maharashtra has generated 226 megawatt excess.
He blamed the projected the drop in the agriculture sector on erratic rains, and said the state got below average rainfall in the past few years except in 2016.
"The MSME sector has created some 57 lakh jobs. There has been an investment of Rs 1.16 lakh crore in this sector so far," the minister said.
The Maharashtra government has signed an MoU with the United Nations for improving the human development index (HDI) in districts like Osmanabad, Washim, Gadchiroli and Nandurbar, he added.