Maharashtra Government Sanctions Rs 1,700 Crore In Aid For Rainfall-Impacted Farmers

The Maharashtra government has sanctioned a Rs 1,700 crore compensation package for farmers. This aid will be given to those impacted by rainfall in 2023. The state has announced adequate compensation for farmers affected by both excessive and deficient rainfall during specific periods.

The Economic Survey Report 2023-24, presented on 27th June in the state legislature, estimates Maharashtra's economy will grow at 7.6 per cent in 2023-24, matching India's growth rate.

The report highlights that Maharashtra contributes the highest average share to India's Gross Domestic Product (GSDP) at 13.9 per cent.

In addition to various schemes and initiatives for farmers, including irrigation projects, the report mentions that over Rs 1,700 crore has been allocated as compensation for 22.74 lakh farmers affected by unseasonal or excessive rainfall from January to October 2023. Additionally, more than Rs 2,443 crore has been approved as compensation for deficient rainfall during Kharif-2023.

The state's economy is expected to grow steadily across agriculture, industries, and services sectors. The 'Agriculture & Allied Activities' sector is projected to grow by 1.9 per cent in 2023-24. Meanwhile, the Industries sector is anticipated to expand by 7.6 per cent, and the Services sector by 8.8 per cent.

The fiscal deficit as a percentage of GSDP for 2023-24 is estimated at 2.8 per cent. The revenue deficit as a percentage of GSDP stands at 0.5 per cent.

Notably, the Maharashtra government had tabled the Economic Survey Report 2023-24 in both Houses of the state legislature on 27th June. The report has estimated that the state’s economy will grow at a rate of 7.6 per cent during 2023-24, in line with the Indian economy.

The State Economic Survey Report also points out that Maharashtra has the highest average share in the All India Gross Domestic Product (GSDP) at 13.9 per cent.

This comprehensive approach aims to support farmers while ensuring steady economic growth across various sectors in Maharashtra.