In a clear reflection of the poor fiscal management by the Eknath Shinde-led MahaYuti Government and the previous regimes, Maharashtra’s debt position has shot up further to a staggering Rs 7.11 lakh crore during 2023-24.

As per the Economic Survey of Maharashtra 2023-24 tabled on both the Houses of Maharashtra Legislature on Thursday, the State’s debt position stood at Rs 7,11,278 crore (revised estimates) as on March 31, 2024, while the interest due was Rs 48,578 crore.

The debt stock of the State increased by 16.5 per cent during 2023-24 over the previous year when Maharashtra’s debt position was Rs 6,29,235 crore.

The state’s debt position has risen from Rs 4.51,117 crore during 2019-20 to Rs  7,11,278 --  which involves an increase of Rs 2,60,161 crore.       

The debt was  Rs 4,51,117 crore during 2018-19, Rs 5,19,086 during 2019-20, Rs 5,76,868 during 2021-22 and Rs 6,29,235 and during 2022-23.

The Economic Survey was tabled in the Maharashtra Legislature a day ahead of the presentation of the State Budget for 2024-25 on Friday.

 Along the lines of the Indian economy which grew by 7.6 per cent during 2023-24, the State economy – as per the advance estimates also expected to grow by 7.6 per cent.

During 2023-24, the ‘Agriculture & allied activities’ sector is expected to grow by 1.9 per cent, ‘Industry’ sector is expected to grow by 7.6 per cent and ‘Services’ sector is expected to grow by 8.8 per cent for the State.

As per the advance estimates, nominal (at current prices) Gross State Domestic Product (GSDP) for 2023-24 is expected to be Rs 40,44,251 crore and real (at constant 2011-12 prices) GSDP is expected to be Rs 24,10,898 crore. The Per Capita State Income for 2022-23 is Rs 2,52,389 as against  Rs 2,19,573 for 2021-22

The revenue receipts of the State are expected to be Rs 4,86,116 crore for 2023-24 (revised estimates) as against Rs 4,05,678 crore for 2022-23. The tax and non-tax revenue (including central grants) for 2023-24 (revised estimates) are Rs 3,96,052 crore and Rs  90,064 crore respectively. Actual revenue receipts during 2023-24 up to February were Rs 3,73,924 crore (76.9 per cent of revised estimates).

The revenue expenditure of the State is Rs 5,05,647 crore as per 2023-24 (revised estimates) as against Rs 4,07,614 crore in 2022-23. Actual revenue expenditure during 2023-24 upto February was Rs  3,35,761 crore (66.4 per cent of revised estimates).