: Maharashtra proposes Rs 5,47,450 cr budget #finance #StockMarketNEWS #Business Indo-Asian News Service Mumbai Maharashtra’s Deputy Chief Minister Devendra Fadnavis, who also holds the finance

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Maharashtra proposes Rs 5,47,450 cr budget #finance #StockMarketNEWS #Business
Indo-Asian News Service

Mumbai

Maharashtra’s Deputy Chief Minister Devendra Fadnavis, who also holds the finance portfolio, presented a `5,47,450 crore budget for 2023-2024 showing huge fiscal and revenue deficits, here on Thursday.

As per the budget estimates, the state plans to spend `5,47,450 crore with an estimated revenue receipts of `4,49,522 crore over a revenue expenditure of `4,65,645 crore, resulting in a revenue shortfall of `16,211 crore down from `24,353 crore over 2022-2023. The state remains at the lead in fiscal reforms, consistently maintaining the revenue deficit below 1% of the state gross domestic product (SGDP).

The state government has also succeeded in keeping the fiscal deficit below 3% of the SGDP, and the fiscal deficit for 2023-2024 is estimated at a whopping `95,500.8 crore up from `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 `29,163 crore for sustainable farming and prosperous farmers; `43,036 crore for inclusive development of all sections of society, including women, children, tribals, BC/OBCs; `53,058.55 crore for infrastructure development with substantial capital investment; Rs 11,658 crore for competent, skilled jobs creation for the youth; and `13,437 crore for environment-friendlydevelopment.

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).