A Budget Strengthening Prime Minister Modi’s Resolve to Make India a Developed Nation by 2047 – Deputy Chief Minister Ajit Pawar

Maharashtra will not stop now.., Development will not be delayed now… – Determination of Deputy Chief Minister and Minister of Finance and Planning Pawar while presenting the budget

Substantial provisions for agriculture, allied sectors, industries, trade, education, health, tourism, infrastructure, and social development sectors
A budget that realizes the dream of ‘Developed India-Developed Maharashtra’

Mumbai : Stating that “Maharashtra will not stop now.., Development will not be delayed now…,” Deputy Chief Minister Ajit Pawar presented a budget with significant provisions for agriculture, allied sectors, industries, trade, education, health, tourism, infrastructure, and social development. This budget aims to realize the dream of ‘Developed India-Developed Maharashtra.’ It will boost domestic and foreign investment, employment, and self-employment opportunities. The Deputy Chief Minister expressed confidence that the budget will successfully uphold the trust expressed by the state’s voters in the Assembly elections. Ajit Pawar presented his eleventh budget in the Assembly, while Finance Minister of State Ashish Jaiswal presented it in the Legislative Council.

Deputy Chief Minister and Minister of Finance and Planning, Ajit Pawar, presented the budget for the year 2025-26 in the Assembly. At the beginning of his budget speech, he paid tribute to Maharashtra’s revered figures: Chhatrapati Shivaji Maharaj, Chhatrapati Sambhaji Maharaj, Swarajya Janani Jijau Maa Saheb, Chhatrapati Rajarshi Shahu Maharaj, Krantisurya Mahatma Jyotirao Phule, Bharat Ratna Dr. Babasaheb Ambedkar, Rajmata Punyashlok Ahilyadevi Holkar, Krantijyoti Savitribai Phule, Sahityaratna Lokshahir Annabhau Sathe, and others. He also acknowledged that this is the 350th year of the martyrdom of the ninth Sikh Guru, Shri Guru Tegh Bahadur, the tercentenary golden jubilee of Swarajya Saudamini Maharani Tarabai, and the tricentenary birth anniversary of Punyashlok Ahilyadevi Holkar. He expressed gratitude for India’s Constitution, which has completed 75 years.

Deputy Chief Minister Ajit Pawar stated that Maharashtra has a favorable investment environment. He mentioned that Prime Minister Narendra Modi has pledged to make India a developed nation by 2047, and the 2025-26 budget supports this vision. Maharashtra has consistently led in industrial development and ranks first in the country in foreign direct investment. In January 2025, at the World Economic Forum in Davos, the state government signed Memorandums of Understanding (MoUs) with 63 companies, which will result in an investment of ₹15.72 lakh crore in the coming years and generate approximately 16 lakh jobs.

Before the implementation of the Goods and Services Tax (GST), various laws were implemented by the state tax department to settle outstanding dues from public sector enterprises. The Deputy Chief Minister announced an amnesty scheme in the budget to resolve these dues. The scheme is named the “Maharashtra Tax, Interest, Penalty, or Late Fee (Settlement of Outstanding Dues of Public Sector Companies) Act, 2025” and will be in effect from the date the proposed law is enacted until December 31, 2025.

Key Highlights:

• Under the Fiscal Responsibility and Budget Management Act, the state has successfully maintained the fiscal deficit below 3% of the Gross State Domestic Product (GSDP). The revenue deficit has consistently remained below 1% of the GSDP. The fiscal deficit for 2025-26 is ₹1,36,235 crore.
• The budget aims to accelerate the state’s growth rate through economic reforms and increased capital expenditure. The Mumbai Metropolitan Region’s economy, which currently stands at $140 billion, is projected to reach $300 billion by 2030 and $1.5 trillion by 2047. Infrastructure projects such as the Vadhavan Port, Navi Mumbai International Airport, Bullet Train, Multimodal Corridor, underground tunnels, and metro projects will make this region a hub for development.
• To achieve the vision of ‘Developed India-Developed Maharashtra,’ a new industrial policy under “Make in Maharashtra” will be introduced to attract investments. Over the next five years, an investment of ₹40 lakh crore and the creation of 50 lakh jobs are expected.
• The state government has provided financial assistance to farmers through various schemes and programs, resulting in an improvement in the agricultural growth rate from a disappointing 3.3% last year to 8.7% in 2024-25. The government will continue efforts to enhance agricultural income, promote value addition in farm produce, develop irrigation facilities, and provide solar energy for electricity needs.
• Special efforts will be made to secure more central funding for state-sponsored projects.
• The state’s revenue from GST is increasing by 12-14% annually.
• To ensure seamless funding for ambitious projects, measures such as central assistance, support from international financial institutions, asset monetization, program streamlining, and the establishment of infrastructure investment trusts will be implemented.
• Adequate budgetary provisions have been made for highways, ports, airports, waterways, bus transport, railways, and metro projects.
• Substantial financial backing has been provided for rural roads, state highways, and district roads.
• A new housing policy will be introduced soon to achieve the goal of housing for all within the next five years. ₹15,000 crore has been allocated for rural housing, while ₹8,100 crore has been earmarked for urban housing schemes.
• Adequate funds have been allocated for newly announced schemes. The state’s annual plan has seen a substantial 33% increase to ₹62,560 crore, with a 42% increase in allocations for Scheduled Caste component plans and a 40% increase for Tribal component plans.
• A high-level committee has been formed to evaluate ongoing schemes, streamline them, and suggest ways to increase resource mobilization. The recommendations of this committee will be considered to enhance the effectiveness of project implementation.
• The Direct Benefit Transfer (DBT) system is being implemented to make all individual beneficiary schemes efficient, transparent, and speedy. From April 1, 2025, all such schemes will only be available through DBT.
• The budget provides strong support for preserving the state’s cultural heritage, with significant allocations for memorials, pilgrimage site development, and tourism projects.
• Several initiatives are being undertaken to promote water tourism in the state.
• Provisions have been made for the development of sports infrastructure and policies to support athletes.
• The Public Distribution System (PDS) will be enhanced with smart PDS and blockchain technology to increase transparency.
• On the occasion of the International Year of Cooperatives, various festivals and programs will be organized to highlight Maharashtra’s leadership in the cooperative sector.
• A state public health policy will be formulated to ensure that every citizen has access to quality primary healthcare within a five-kilometer radius.
• The National Education Policy will be effectively implemented in the state. To encourage girls’ participation in vocational education, a 100% reimbursement of education and examination fees will be provided.
• Infrastructure development for state courts will be strengthened to ensure the speedy resolution of legal cases.