Shiv Sena (UBT) questions 'trillion-dollar economy' claim, flags rising debt in Maharashtra

The Shiv Sena UBT on Friday criticised the Maharashtra government led by Chief Minister Devendra Fadnavis alleging that claims about the state becoming Indiarsquos first ldquotrilliondollar economyrdquo are unrealistic and ignore growing fiscal challenges reported news agency IANSIn an editorial published in the partyrsquos mouthpiece Saamana the Uddhav Thackerayled faction said the government was creating ldquobubbles of optimismrdquo about the statersquos economic growth while overlooking mounting debt and weakening economic indicators reported IANSSena UBT says trilliondollar target is unrealisticThe editorial claimed that the state governmentrsquos projections about Maharashtra emerging as a trilliondollar economy within the next three years are misleadingldquoHowever the public knows these bubbles are hollow When the time comes people themselves will burst these bubblesrdquo the editorial said reported IANSThe party argued that the optimistic projections are not supported by the current economic trends and warned that the statersquos financial situation is becoming increasingly fragileConcerns raised over slowdown in agricultureThe editorial highlighted what it described as troubling indicators in the statersquos economic performanceAccording to the article the growth rate of Maharashtrarsquos agriculture sector mdash a key component of the statersquos economy mdash is expected to fall sharply from 91 per cent to 34 per cent this year reported IANSIt also pointed out that despite an increase in the statersquos Gross State Domestic Product GSDP Maharashtrarsquos per capita income ranking has slipped to fifth place nationally behind states such as TelanganaThe editorial further claimed that Maharashtrarsquos economic strength has been built over several decades through investments in infrastructure and development by earlier governments reported IANSParty questions credit for longterm economic growthThe Saamana editorial stated that the statersquos current economic position is the result of development initiatives taken over the last six decades rather than the policies of the past decade alone reported IANSldquoWhether it is the statersquos gross income or growth rate the foundation was laid over the last six decades Fadnavis and the BJP may forget this but the people have notrdquo the editorial said reported IANSThe party suggested that the government is overstating its contribution to the statersquos economic progressRising state debt highlighted as major concernA major issue raised in the editorial is the growing debt burden on the statersquos financesAccording to the article Maharashtra has become the most indebted state in the country with total debt expected to reach around Rs 1102 lakh crore within a year reported IANSThe editorial noted that while the government highlights the statersquos gross income of Rs 51 lakh crore over the past decade it does not adequately address the rising debt levelsIt claimed that the debt burden translates to approximately Rs 85000 per citizen in Maharashtra even for those who have not taken any loans personallyInterest payments and debt ratio under scrutinyThe editorial also pointed out that the government is expected to spend nearly Rs 65000 crore annually on interest payments alone reported IANSIt warned that the statersquos debttoGSDP ratio could approach 21 per cent by the end of the year raising concerns about longterm fiscal stabilityThe Shiv Sena UBT said that while the government continues to promote the vision of a trilliondollar economy citizens are aware of the financial realities and will eventually hold the administration accountable for what the party described as ldquohollow claimsrdquoWith inputs from IANS