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Maha proposes ₹547,450 crore budget with huge fiscal, revenue deficits

Maha proposes ₹547,450 crore budget with huge fiscal, revenue deficits
Maharashtra's Deputy Chief Minister Devendra Fadnavis, who also holds the finance portfolio, presented a Rs 547,450 crore budget for 2023-2024 showing huge fiscal and revenue deficits, here on Thursday.

As per the budget estimates, the state plans to spend Rs 547,450 crore with an estimated revenue receipt 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 per cent of the state gross domestic product (SGDP).

The state government has also succeeded in keeping the fiscal deficit below 3 per cent 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).

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