By Maharashtra’s economy as per the advance estimates is expected to grow at minus 8% during 2020-21 largely due to COVID 19 induced lockdown and the economic downturn as per the Economic Survey 2020-21 tabled in the state legislature on Friday.
The minus 8% growth is in line with India’s growth estimated at minus 8% during 2020-21. In 2019-20, Maharashtra had clocked the 5.7% growth in.
Despite the coronavirus pandemic, the agriculture and allied activities sector has been a silver lining as it is expected to grow at a record 11.7%. However, the industry will grow at minus 11.3% and services minus 9%.
The agriculture and allied activities sector was the only sector that contributed positively to GSVA in 2020-21 and was least impacted during COVID 19 pandemic due to timely and proactive measures taken by the Maharashtra Government.
Due to the hard impact of the pandemic situation mainly on trade, repairs, hotels and restaurants and transport sectors, the services sector is expected to grow at minus 9% in 2020-21.
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