Maharashtra Interim Budget 2024 Highlights: Maharashtra Deputy Chief Minister Ajit Pawar, who holds the finance portfolio in the state, presented the state Budget in the Maharashtra Assembly during the ongoing Monsoon Session. The monsoon session of the Maharashtra Assembly began on Thursday (June 28) and will go on till July 12. This is the last legislature session before the state assembly polls which will be in next four months.
Maharashtra State Budget Live Updates: Budget set to be a populist 'please all'. Deputy Chief Minister Ajit Pawar, who holds finance portfolio, presents it in the Assembly during the ongoing Monsoon Session.
The Maharashtra government has announced a reduction in the value-added tax (VAT) on fuel in the Mumbai metropolitan region, which will lower petrol prices by 65 paise per litre and diesel by Rs 2.60 per litre.
The VAT cut, according to Pawar, will only apply to the Mumbai metropolitan region and is expected to cost the state exchequer Rs 200 crore.
Finance Minister Ajit Pawar concludes Budget speech. The Monsoon Session of the Maharashtra Assembly Session is underway.
Ajit Pawar in state assembly: 44 lakh farmers in Maharashtra to get waiver of electricity bill dues.
The maximum amount payable in compensation for crop damage was Rs 25,000 earlier and now it is being increased to Rs 50,000, Pawar said.
Subsidies of over Rs 850 crore has been given in the form of Rs 350 per quintal to provide financial assistance to the onion-producing farmers. A revolving fund of 200 crore each is being created to purchase onion and cotton at guaranteed prices, the deputy CM said.
The Government is committed to help farmers. Various schemes are being implemented regarding subsidies for seeds, irrigation facilities, use of technology, storage of farm produce etc. From 2023-24 financial year, schemes such as Namo Shetkari Mahasanman Nidhi, crop insurance for one rupee have been started to help farmers, he said.
Schemes in 16 districts of Vidarbha and Marathwada have been successfully completed. The second phase of these projects worth 6 thousand crores will be implemented in 21 districts, he added.
The state government has increased compensation for deaths caused by animal attacks, the deputy Chief Minister said. The next of kin will receive Rs 25 lakhs instead of the earlier Rs 20 lakhs, he said presenting the Budget during the Monsoon Session of the Maharashtra Assembly.
Ajit Pawar: "We are planning to provide a bonus of Rs 5,000 per hectare to all farmers for their cotton and soybean crops in Maharashtra. Additionally, we will continue to offer a bonus of Rs 5 per litre to milk-producing farmers even after July 1, 2024."
Over two lakh female students belonging to other backward classes and economically weaker sections will get financial assistance from the state government. The scheme will be implemented from the academic year 2024-25. The state government will bear the burden of Rs 2 thousand crores every year, the deputy CM said.
More than six lakh women self-help groups (SHGs) are functioning in Maharashtra and the number will be increased to 7 lakh. He says that funds for them will be increased from Rs 15,000 to Rs 30,000.
The Deputy Chief Minister also announced the 'Mukhyamantri Annapurna' scheme wherein a family of 5 will get 3 free gas cylinders annually. A total of 52,16,412 beneficiary families will reap the benefits of this scheme, he says.
Ajit Pawar announces scheme for women in the state. The scheme named 'Mukhyamantri Majhi Ladaki Bahin Yojana' will give Rs 1,500 to women from the age group of 21 to 60 years. This will come into effect from July this year.
Ajit Pawar presents Maharashtra State Budget in the Assembly during the ongoing Monsoon Session. The deputy Chief Minister holds the finance portfolio in the state.
The fiscal deficit for 2023-24 was targeted at 2.5% of GSDP, amounting to Rs 95,501 crore. For 2022-23, as per the revised estimates, the fiscal deficit was expected to be 2.7% of GSDP, which was higher than the budget estimates (2.5%) for that year.
The revenue deficit for 2023-24 was estimated to be 0.4% of GSDP, amounting to Rs 16,122 crore, which was lower than the revised estimates for 2022-23 (0.6% of GSDP). In 2022-23, the revenue deficit was also lower than the budgeted estimate (0.7% of GSDP).
-Gross State Domestic Product (GSDP): In the fiscal year 2023-24, the Gross State Domestic Product (GSDP) of Maharashtra was projected to reach Rs 38,79,792 crore at current prices, marking a growth of 10% over 2022-23.
-Expenditure (excluding debt repayment) for 2023-24 was estimated at Rs 5,47,450 crore, reflecting a 3.6% increase over the revised estimates of 2022-23. Additionally, the state repaid debts amounting to Rs 54,558 crore.
-Receipts (excluding borrowings) in 2023-24 were estimated at Rs 4,51,949 crore, showing a 4.3% increase compared to the revised estimate of 2022-23. In 2022-23, receipts (excluding borrowings) increased by Rs 27,497 crore, or 6.8% at the revised stage.
BJP leader and Deputy Chief Minister of Maharashtra Devendra Fadnavis had presented the state Budget for the financial year 2023-24 on March 9, 2023.
The Gross State Domestic Product (GSDP) of Maharashtra for 2023-24, calculated at current prices, was projected to reach Rs 38,79,792 crore, reflecting a growth rate of 10% compared to the previous fiscal year 2022-23.
The state's economy is anticipated to grow by 7.6% for the fiscal year 2023-24, an increase from 6.8% in the previous year. According to the Economic Survey 2023-24, Maharashtra's gross state domestic product (GSDP) is projected to reach Rs 40,44,251 crore at current prices and Rs 24,10,898 crore in real terms for the same period. GSDP measures the total economic output produced within a state's borders over a specified period, usually a fiscal year.
Ajit Pawar presented the Economic Survey 2023-24 during the Maharashtra legislature's monsoon session, which commenced on Thursday. The state's economy, which is the largest contributor to the national nominal GDP, is forecasted to grow by 7.6% in the fiscal year 2023-24, similar to the country's projected growth of 7.6%, according to the survey.
Following the Mahayuti alliance's setback in the recent Lok Sabha polls, Ajit Pawar plans to strategically appeal to all castes, communities, and minorities in the upcoming state budget and is thereby set to present a 'please-all' Budget.
Maharashtra Deputy Chief Minister Ajit Pawar, who also hold the Finance portfolio, will present the state Budget today during the ongoing monsoon session of the Parliament. He had presented the state's Economic 2023-24 on Thursday, on the day when the Monsoon Session began.
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