The state economy during 2023-24 is expected to grow by 7.86 per cent, according to the Economic Survey released on Thursday.
The MTFP statement, which was presented in the state Assembly along with the annual budget for 2024-25 by deputy CM Ajit Pawar on Friday, has indicated that its successful implementation will take the state's economy to $1 trillion by 2028 and $3 .5 trillion by 2047. , the centenary of India's independence.
To increase economic growth, the state government has proposed to focus on employment generation, especially by coming up with rapid infrastructure and communication projects.
Secondly, the government is placing emphasis on attracting domestic and foreign investment to further consolidate the pre-eminence of the state.
During the World Economic Forum meeting held in January this year, the state government signed MoUs with 19 companies with a proposed investment of Rs 3 lakh crore that is expected to create two lakh jobs.
Third, the government plans to keep the revenue shortfall limited. It expects a revenue shortfall of 0.47 per cent of gross state domestic product (GSDP), but has set a target of reducing it to 0.25 per cent in 2025-26 and 2026-27.
Further, the government proposes to reduce the fiscal deficit from 2.59 per cent in 2024-25 to 2.43 per cent and 2.27 per cent in 2025-26 and 2026-27, respectively, which will be below the limit prescribed 3 percent of the fiscal deficit. GSDP.
The government also proposes to raise a total of Rs 1,30,470 crore in 2024-25, of which 79 per cent will be raised in the open market at affordable prices. Net borrowing of Rs 75,916 crore from the open market accounts for 76 per cent of the fiscal deficit.
The government has proposed to maintain tax revenue at 11.70 per cent of GSDP in 2024-25, 2025-26 and 2026-27. The total debt stock, which was Rs 7.11 lakh crore in 2023-24 and is expected to rise to Rs 7.82 lakh crore in 2024-25, will be 17.59 per cent and 18.35 per cent , respectively.
However, the government has estimated total debt of 18.61 per cent and 18.91 per cent in 20256-26 and 2026-27, respectively, in the wake of its focus on generating productive assets. Total debt will remain within the permitted limit of 25 percent of GDPD.
The interest-to-income ratio on loans was 10.28 per cent in 2022-23 and is expected to remain at 11.37 per cent by 2024-25.
The MTFP statement also emphasized the need to implement fiscal policy effectively to boost the state's economy, especially when there are signs that inflation is under control.
The government proposes to emphasize on increasing various taxes and non-tax revenues under the state excise department, motor vehicle department and registration and stamp duty, especially when the proportion of state goods and services tax in tax revenue own of the state is approximately 45 percent.
However, the policy statement has made a strong case for increasing efforts to prevent revenue leakage and recovery of tax arrears by taking strict action in case of tax evasion.
The MTFP statement, which was presented in the state Assembly along with the annual budget for 2024-25 by deputy CM Ajit Pawar on Friday, has indicated that its successful implementation will take the state's economy to $1 trillion by 2028 and $3 .5 trillion by 2047. , the centenary of India's independence.
To increase economic growth, the state government has proposed to focus on employment generation, especially by coming up with rapid infrastructure and communication projects.
Secondly, the government is placing emphasis on attracting domestic and foreign investment to further consolidate the pre-eminence of the state.
During the World Economic Forum meeting held in January this year, the state government signed MoUs with 19 companies with a proposed investment of Rs 3 lakh crore that is expected to create two lakh jobs.
Third, the government plans to keep the revenue shortfall limited. It expects a revenue shortfall of 0.47 per cent of gross state domestic product (GSDP), but has set a target of reducing it to 0.25 per cent in 2025-26 and 2026-27.
Further, the government proposes to reduce the fiscal deficit from 2.59 per cent in 2024-25 to 2.43 per cent and 2.27 per cent in 2025-26 and 2026-27, respectively, which will be below the limit prescribed 3 percent of the fiscal deficit. GSDP.
The government also proposes to raise a total of Rs 1,30,470 crore in 2024-25, of which 79 per cent will be raised in the open market at affordable prices. Net borrowing of Rs 75,916 crore from the open market accounts for 76 per cent of the fiscal deficit.
The government has proposed to maintain tax revenue at 11.70 per cent of GSDP in 2024-25, 2025-26 and 2026-27. The total debt stock, which was Rs 7.11 lakh crore in 2023-24 and is expected to rise to Rs 7.82 lakh crore in 2024-25, will be 17.59 per cent and 18.35 per cent , respectively.
However, the government has estimated total debt of 18.61 per cent and 18.91 per cent in 20256-26 and 2026-27, respectively, in the wake of its focus on generating productive assets. Total debt will remain within the permitted limit of 25 percent of GDPD.
The interest-to-income ratio on loans was 10.28 per cent in 2022-23 and is expected to remain at 11.37 per cent by 2024-25.
The MTFP statement also emphasized the need to implement fiscal policy effectively to boost the state's economy, especially when there are signs that inflation is under control.
The government proposes to emphasize on increasing various taxes and non-tax revenues under the state excise department, motor vehicle department and registration and stamp duty, especially when the proportion of state goods and services tax in tax revenue own of the state is approximately 45 percent.
However, the policy statement has made a strong case for increasing efforts to prevent revenue leakage and recovery of tax arrears by taking strict action in case of tax evasion.
