Maharashtra was one of the worst-hit states in India by the COVID-19 pandemic. Yet, it has recovered at a rapid rate since the vaccination began in the state. The economy of Maharashtra is expected to grow by 12.1% in 2021-22, as per the State Economic Survey. This entire revival has come after the backdrop of the 8% shrinking the state suffered last year due to the pandemic.
“Various measures to tackle the pandemic situation, such as complete and partial lockdown, step-by-step opening of economic activities, and vaccination drive are grossly impacting the movements in the economy”, the Economic Survey stated.
According to the survey, Maharashtra’s Gross State Domestic Produce growth will be higher than that of the Indian economy at 8.9%, with the state’s service sector set to grow from 13.50%, followed by 11.90% of the industry sector, and agriculture and allied sectors by 4.4%. The Government of Maharashtra has received 2.35 lakh applications for financial assistance, of which 1.47 lakh had been sanctioned and an expenditure of Rs 735 crore was incurred.
Maharashtra was severely hit by the COVID-19 pandemic. According to the survey report, Maharashtra had recorded a total of 71.70 lakh COVID-19 cases till January 2022. And at least 67.70 lakh people recovered and the recovery rate stood at 94.03%. It was expected that the severe effects of the pandemic will hit the state on an economic basis. However, the Survey states that Maharashtra presently arrived on the tenth rank among the states when it comes to per capita state income and now it substantially has a higher growth rate.
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