Agri down, but industry, services to spur state’s growth this year

The state’s economy is expected to do better this year, with the Maharashtra Economic Survey for 2015-16 predicting a respectable 8% growth rate - up from the 5.8% in 2014-15.

The survey credits growth in the industry and services sector for the overall jump, despite a poor monsoon and plummeting agriculture growth.

The estimated growth for the agricultural sector (just crops) is a negative 5.3% for this year, while growth of agriculture and allied sectors, (fisheries, livestock and crops) for this year is a negative 2.7%.The survey predicts a decline in foodgrains too this year — a negative 18% for khariff crops, a negative 27% for rabi and negative 50% for oil seeds. The negative growth for foodgrains is based on the reduced area being cultivated and a rainfall deficit of 59.4 % in the state last year.

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