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Maharashtra: Economy heads for a double-digit fall as business, consumption slow down -Sandeep A Ashar

-The Indian Express

"In terms of Gross State Value Added or GSVA, the economy will likely see 7.4 per cent plunge in the October-December quarter from a year ago. To make matters worse, the number will only worsen further with demand remaining subdued,” a senior government source said.

Mumbai: With business activity and consumption set back by Covid-19 cases, the state government’s latest economic forecast has projected 16.4 per cent contraction in the state’s economy in terms of gross value added for the year ending March 2021.

“The growth is expected to contract in 2020-21. In terms of Gross State Value Added or GSVA, the economy will likely see 7.4 per cent plunge in the October-December quarter from a year ago. To make matters worse, the number will only worsen further with demand remaining subdued. The state’s GVA will shrink by 16.4 per cent by the year end,” a senior government source said.

On Monday, the state’s finance department made a presentation on its latest projections on the state’s economy to Chief Minister Uddhav Thackeray and some senior ministers of his Cabinet, sources said.

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