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Maharashtra Budget clubs services, industries to boost growth

first_imgMumbai: Under pressure to accelerate economic growth and become a $1 trillion economy by 2025, Maharashtra Budget has seamlessly blurred lines between the industries and the services sectors. While defining the new sector as ‘Service Industry’, the government hopes that it will contribute 89% to the State’s economy by the end of 2018, Finance Minister Sudhir Mungantiwar said in the budget speech on Friday.“Globally, the blurring of the lines has created more jobs and prospects. The new Service Industry is the special focus of our budget, which has created the fundamental infrastructure for this new category,” said an official of the State finance department.The Economic Survey released on Thursday estimated services to grow by 9.7% in 2017-2018, compared to 9.6% in the previous year. The industry sector grew by 7.2% in 2015-2016, the survey said. Keeping in mind the specific needs of the new sector, the government has announced in the Budget a new Logistic Policy, while the logistic sector has been declared an industry, the Finance Minister said.The initiative for indigenisation of defence equipment gets a thrust, while the new FinTech Policy aims to provide capital support to set up of innovative financial services platform, particularly for the poor who are not serviced by the banking sector. “The new category will create not only jobs but give special impetus to our economic growth,” said Chief Minister Devendra Fadnavis.last_img

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