Tag: economics

Service sector consists of insurance, tourism, retail banking, education and social services. Service sector includes provision of services to business as well as final consumers. It is the largest employment generating and fastest growing sector of economy. 

Government of Maharashtra has introduced residential ashram schools in tribal areas of the state. tribal students are provided accommodation, food, uniforms, educational materials and other concessions free of cost. There are 556 aides Ashram Schools in the state. Government hostel facilities is provided at division, district and taluka level to encourage tribal students to pursue higher studies.

The core areas for development of service sector include Fintech, IT/ITES, Start ups, cloud computing, electric vehicles, defence, tourism and private universities. Government has also tried to expand the service sector by various activities in Tier II cities.

The state of Maharashtra has implemented the Right to Education (RTE) in the age group 6-14 years to provide free and compulsory education under the Sarva Shiksha Abhiyan (SSA). The expenditure of the state government on primary education was 19486 crore during 2016-17.

Internet subscriber base was 5.45 crore in Maharashtra as on 30th September 2017, which is highest among all the states.

Rashtriya Madhyamik Siksha Abhiyan (RMSA) was launched in 2009 with the objective to improve the access as well as the quality of secondary education. During 2016-17, the state government's expenditure on secondary and higher secondary education was 16089 crore.

Rashtriya Uchchatar Shiksha Abhiyaan (RUSA) is a centrally sponsored scheme launched by the Government of India in 2013. It aims at providing strategic funding to higher educational institutions throughout the country. Maharashtra is the first state in the country to receive  RUSA grant of 20 crore under Research and Innovation and Quality improvement for setting up innovation and technology transfer hubs.

Service Sector is the largest employment generating and fastest growing sector of the state economy. The contribution of service sector to the Gross State Domestic Product (GSDP) has been highest compared to other sectors in the economy. It was 54.5 % during 2017-18.

To meet the challenge of liberalization, privatization and globalization, the state enacted the new Maharashtra Public Universities Act, 2016. Key focus of this Act is to promote academic autonomy and excellence, skill based education through democratic process in higher education.

Road development plan (2001-2021) is being implemented in the state of Maharashtra with a target to develop 3.37 lakh kms of road.