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Projected Maha economy indicates slowdown: Congress

Press Trust of India  |  Mumbai 

Senior Congressleader Chavan today said the projection of 7.3 per cent growth in Maharashtra's economy in FY 2017-18 is a reflection of "slowdown".

He attributed demonetisation and "hasty implementation" of the Goods and Services Tax (GST) as the reason behind the "slide" in the state economy.

As per the Economic presented in the state legislature today, a day ahead of tabling of the Budget 2018-19, the economy is expected to grow by 7.3 per cent in (fiscal) 2017-18 over the previous year.

"The (projected) growth rate of 7.3 per cent from the 10 per cent (of the previous year) reflects the ground reality that the economy has suffered due to demonetisation and flawed implementation of the GST," the former said while addressing reporters.

The Economic proves that Maharashtra's economy is "shrinking" which is a cause of worry.

"The negative growth of 8.3 per cent in the agriculture sector is indicative of a farm crisis. When the agriculture sector is seeing a negative growth how can one say that they will double the farm income? The government should define how they propose to double the farm income," he asked.

Chavan said the industrial growth of slumped to 6.5 per cent from 7.2 per cent in 2015-16 and 6.9 per cent in 2016-17.

"In the last three years, 3557 industries have closed down while the job growth too is minimal," said Chavan, who had served as the in the Prime Minister's Office (PMO).

Though the Economic stated the state debt is Rs 4.13 lakh crore, the figure is likely to go up to Rs 4.40 lakh crore, he said.

"If the government takes loan, then it should be utilised for welfare schemes.However, the is not giving money for the farm loan waiver and development projects that generate employment," said the

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, March 08 2018. 17:26 IST