Budget

Maharashtra Budget 2023: Deputy CM Devendra Fadnavis proposes Rs.547,450 crore budget with huge fiscal, revenue deficits

Deputy Chief Minister and Finance Minister Devendra Fadnavis presented the Maharashtra State Budget for the year 2023-24 in the state Assembly

PGurus Newsdesk

March 9, 2023

Deputy Chief Minister and Finance Minister Devendra Fadnavis presented the Maharashtra State Budget for the year 2023-24 in the state Assembly

Maharashtra Budget 2023: Devendra Fadnavis announces increase in outlay for farmers, govt health insurance coverage

On Thursday, Maharashtra’s Deputy Chief Minister Devendra Fadnavis, who also holds the finance portfolio, presented an Rs.547,450 crore budget for 2023-2024 showing a huge fiscal and revenue deficit.

As per the budget estimates, the state plans to spend Rs.547,450 crore with estimated revenue receipts of Rs.449,522 crore over a revenue expenditure of Rs.465,645 crore, resulting in a revenue shortfall of Rs.16,211 crore – down from Rs.24,353 crore over 2022-2023.

The state remains at the lead in fiscal reforms, consistently maintaining the revenue deficit below 1 percent of the state gross domestic product (SGDP).

The state government has also succeeded in keeping the fiscal deficit below 3 percent of the SGDP, and the fiscal deficit for 2023-2024 is estimated at a whopping Rs.95,500.8 crore – up from Rs.89,598 crore over 2022-2023.

Fadnavis said that the budget is based on five major goals – ‘Panchamrut’ – covering the farmers, inclusive development, infrastructure, employment, and environment.

Accordingly, he has allocated Rs.29,163 crore for sustainable farming and prosperous farmers; Rs.43,036 crore for inclusive development of all sections of society, including women, children, tribals, BC/ OBCs; Rs.53,058.55 crore for infrastructure development with substantial capital investment; Rs.11,658 crore for competent, skilled jobs creation for the youth; and Rs.13,437 crore for environment-friendly development.

The budget’s outlay for scheme expenditures has been fixed at Rs.172,000 crore, including Rs.13,820 crore for Scheduled Caste Plan and Rs.12,655 crore for Tribal Sub-plan, besides announcing several new corporations for different communities to boost their economic development, said Fadnavis.

The state’s debt burden, as per the latest RBI report, stood at Rs.6.8 lakh crore till March 31, 2023, standing behind Tamil Nadu (Rs.7.53 lakh crore) and Uttar Pradesh (Rs.7.1 lakh crore).

[With Inputs from IANS]

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