Mumbai, March 10 (IANS) Amid the widening gap between revenue and expenditure with constraints on resource mobilisation, Maharashtra Deputy Chief Minister and Finance Minister Ajit Pawar on Monday presented the budget for 2025-26 with an estimated revenue deficit of Rs 45,892 crore and fiscal deficit of Rs 1,36,000 crore. The finance minister has estimated a total expenditure of Rs 7,00,020 crore with revenue receipts of Rs 5,60,963 crore and revenue expenditure of Rs 6,06,855 crore. Ajit Pawar, however, has claimed that the government has been successful in keeping the fiscal deficit below 3 per cent of gross state domestic income under the Fiscal Responsibility and Fiscal Management Act. Also, the State's revenue deficit has consistently less than 1 per cent of gross state income.

He, however, has not announced a hike in the monthly financial aid to Rs 2,100 from Rs 1,500 to about 2.53 crore women beneficiaries under the flagship Ladki Bahin Yojana as promised in the poll manifesto. Since the launch of the scheme, the government has spent Rs 33,232 crore. For 2025-26, the finance minister has allocated Rs 36,000 crore with special plans to further encourage women groups to utilise the subsidy. Moreover, he has also not announced the farm loan waiver as promised in the poll manifesto. He has proposed an amnesty scheme of the State Tax Department for the public sector undertaking companies to clear their arrears. The scheme is titled Maharashtra Settlement of Arrears of Tax, Interest, Penalty or Late Free Act 2025. It will be in force from the commencement of the Act till December 31, 2025.

The finance minister, in a bid to make up the revenue loss, has proposed various taxes which will generate additional revenue of Rs 1125 crore. He has proposed a one per cent increase in Motor Vehicle Tax on individual non-transport four-wheeled CNG and LPG vehicles. This will mobilise Rs 150 crore. He has proposed to levy motor vehicle tax at the rate of 6 per cent on electric vehicles priced above Rs 30 lakh. The maximum limit of motor vehicle tax is proposed to increase from Rs 20 lakh to Rs 30 lakh. The proposed increase in the maximum limit of motor vehicle tax is expected to generate an additional revenue of around Rs 170 crore. He has also proposed to level motor vehicle tax compulsorily on a lump sum basis at the rate of 7 per cent on the price of vehicles used for construction such as cranes, compressors, projectors and excavators. It will mobilise an additional revenue of Rs 180 crore.

Further, the finance minister has proposed to levy motor vehicle tax compulsorily on a lump sum basis at the rate of 7 per cent on the price of Light Goods Vehicles carrying goods up to 7,500 kg in the state. It will generate additional revenue of Rs 625 crore. He has proposed to increase the stamp duty from Rs 100 to Rs 500 on supplementary documents if more than one document is used to complete the same transaction. He has also proposed to increase the adjudication fee payable on a document under section 3(1) of the Maharashtra Stamp Act from Rs 100 to Rs 1,000 for the chargeability of the instrument and to make a provision for depositing the amount of stamp duty primarily payable while filing the executed document.

He has proposed a new provision for e-Stamp Certificates to facilitate the citizens to pay stamp duty and issue certificates online. It was the first budget of the MahaYuti government after its landslide victory in the state Assembly election and it was Ajit Pawar’s 11th budget as the state finance minister. He has allocated Rs 1,90,242 crore for annual outlay, Rs 22,568 crore for scheduled caste component programme, Rs 21,495 crore for tribal component programme and Rs 20,165 crore for district development plans. The finance minister has made an allocation of Rs 1,90,242 crore for various departments. The finance minister has crafted his budget with a tagline of Viksit Bharat Viksit Maharashtra saying that a blueprint for the state’s sustainable and inclusive development has been prepared by making allocations for the development of agriculture, irrigation, infrastructure, industry and social sectors.

The finance minister had estimated the state’s own tax revenue of Rs 3,43,040 crore in 2024-25 but it has been revised to Rs 3,67,467 crore in 2024-25. The budget estimate for the state’s own tax revenue for the year 2025-26 is estimated at Rs 3,87,674 crore. The highlights of the budget include a Higher Economic Growth Rate driven by the right reforms oriented policies and capex which has a higher fiscal multiplier. MMR projects will help make it an economic growth hub for India. ⁠Transport - highways, ports, airports, waterways, bus transport, railways and metros are all priority areas getting adequate budgetary support. Industrial Policy 2025 to attract new investments and giving ‘make in Mh’ a push Quality Rural roads as well as state highways and district roads are getting maximum support. Rural Housing - biggest scheme outlay of close to Rs 15000 crore for 20 lakh target. Big Rise in SCP, TSP and General Plan with adequate provisions for newly announced schemes to phase out old irrelevant schemes and bring new schemes in line with current times FRBM norms compliant state- fiscal deficit and debt to GSDP well within limits.

DBT - mode for bringing speed, efficiency and transparency in scheme implementation across all individual beneficiary schemes, maximum participation in CSS bringing more central funds, Agriculture growth estimates improved to 8.7 per cent this year in 2024-25 due to State backing farmers from last year’s dismal 3.3 per cent. Continued support to farmers in improving their income. More value addition and allied sector income. Support to meeting energy demand through solar and irrigation will help the farm sector to grow at a faster rate. Cultural heritage - increased support through the budget- Sambhaji Maharaj projects Valu Aquatic Tourism gets support across Maharashtra. Sports has got full attention both in the form of policies and budgetary support for developing infrastructure and supporting sportsmen. Food and Civil Supplies - greater transparency through smart PDS and blockchain technology.

Cooperation Year celebration to highlight Maharashtra leadership financing- asset monetisation, rationalisation, central assistance, external aided projects, and Innovative approaches like Maha InvITs. Healthcare - within 5 km and new state policy. Education - support to implementation of NEP, increasing girls' participation in professional and technical education. Support to Courts’ infrastructure in the state for speedier disposal of legal cases.

/IANS