Mumbai: Despite a record debt burden of Rs 1.32 lakh crore, Maharashtra economy during 2006-07 is poised to grow at 9.3% against Indian economy's growth of 9.2%. Further, the state economy, for the first time, is expected to grow in excess of 9% for the second consecutive year.

Notwithstanding the incidents of farmers suicides, the total foodgrain production is expected to achieve 11% growth at 122.33 lakh tonne. The recovery of agricultural sector in 2006-07 from negative growth in 2004-05 appears to be the main driving force behind higher growth. The cotton production in the state including six districts where farmers suicides have reported, is expected to be around 41.27 lakh bales, up by 31%, oil seeds production by 5% at 33.9 lakh tonne. Moreover, sugarcane production is expected to register 61% rise at 627 lakh tonne in comparison with the previous year.

According to the state’s economy survey for 2006-07, which was presented on Thursday, the annual average growth of gross state domestic product (GSDP) during 10th Plan is expected to be 8.5% as against the Planning Commission's target of 8%.

However, during the 10th plan period, the average annual GSDP growth of agriculture and allied activities sector is expected to be 2.7% as against the growth of 3.7% observed in the 9th Plan period.

The sectoral growth rates for the primary, secondary and tertiary sectors are expected to be 6.6%, 9.4% and 9.9% , respectively. The state income at current prices for 2005-06 would be Rs 3.84 lakh crore and the per capita state income would be Rs 37,081 as against the per capita national income of Rs 25,716.

As far as industry sector is concerned, during 2005-06, share of Maharashtra in FDI was the highest in the country at 21%. The state energy sector marks with burgeoning power deficit and high level of transmission and distribution losses of 32.6%. During 2006-07 upto December, peak demand of 16,388 mw was recorded on December 30 last year which led to a load shedding of 3,912 mw.