Mahanomics

Maharashtra chief minister Prithviraj Chavan announced in the state assembly that state’s total annual revenue has gone up to Rs. 1,21,000 crore this year (2011-12) compared to Rs. 1,06,000 crore in the previous year. Chavan said Maharashtra received an investment of Rs. 82,386 crore in 77 new projects that have been set up since April 2011 in the state. Replying to the debate on governor’s speech during the budget session of the state assembly, Chavan said over 54,000 new jobs will be created in projects that have come to the state in the past one year. Maharashtra received a share of 33% in the total foreign direct investment (FDI) that has come to the country in this period. The chief minister claimed that the government was doing its best to achieve the target of zero load-shedding (power cuts) in the state by December 2012 as Khaparkheda and Bhusawal power-generation stations are expected to provide 1000MW of extra power by March 2012. He said the singlephasing policy had worked in rural areas, where water pumps were being provided power separately. State finance minister Ajit Pawar will present the annual budget next Monday. Opposition parties have targeted the government over poor fiscal management. The state faces a debt of Rs. 2,38,000 crore and almost 30% of the state’s revenue has to be kept aside to service this debt. Chavan admitted that the state faces a challenge in regional imbalance in development. Government sources have already indicted that the new industrial policy which is soon to be rolled out will focus on this aspect.