Maharashtra Deputy Chief Minister and Finance Minister Ajit Pawar presented the Interim Budget for the fiscal year 2024-25 on Tuesday, February 27, showcasing a commitment to enhancing the state’s infrastructure, promoting welfare schemes, and boosting tourism initiatives. Pawar, during his budget speech, expressed confidence in Maharashtra’s trajectory towards becoming a USD 1 trillion economy and outlined key initiatives to fortify the state’s economic foundation.
To stimulate industrial development, Pawar announced policy and incentive revisions, including the establishment of garment industry complexes and export promotion initiatives. The budget also emphasizes skill development, employment generation, and the establishment of small-scale industries, with a pledge to provide employment opportunities for nearly one lakh women in the upcoming year.
Ajit Pawar announced the implementation of a new Micro and Small Enterprise policy, facilitating the establishment of 18 small-scale industries in Maharashtra. He revealed that over 3 lakh industries are expected to set up operations in the state based on agreements signed at Davos. The budget allocates Rs 10,000 crore to the urban development department, with an additional Rs 19,000 crore reserved for public works. Furthermore, Rs 15,554 crore has been earmarked for railway lines and projects in Maharashtra.
Pawar disclosed plans for the completion of 7,000 km of road works in the fiscal year. Notable projects include the extension of the Swatantrya Veer Savarkar Versova-Bandra Sea Link and the Vilasrao Deshmukh Eastern Freeway. Significant funds have been allocated for land acquisition for multi-modal corridors and expressways.
The budget, modeled after the Union government’s approach, incorporates various schemes targeting women, children, and marginalized communities, encompassing provisions for housing, employment, and financial assistance.
Pawar also announced initiatives such as providing solar energy sets to 37,000 Anganwadis without electricity and launching a Solar Agricultural Pump scheme, installing 8,50,000 solar-powered agricultural pumps in Maharashtra’s farmlands.
In a supplementary budgetary session on Monday, Ajit Pawar presented demands totaling Rs 8,609 crore, addressing additional expenses beyond last year’s budget allocation. Of this amount, Rs 5,665.48 crore is designated for mandatory spending, while Rs 2,943.69 crore is allocated for various ongoing programs and schemes. The net burden, despite the supplementary demands, stands at Rs 6,591.45 crore.
Notable allocations include Rs 2,210 crore for financial assistance to farmers affected by unseasonal weather, Rs 1,438.78 crore for loan repayments related to metro projects, and Rs 1,328 crore for arrears of allowances for judicial officials.
The Maharashtra Budget session, spanning five days, commenced on Monday and will continue until March 1, featuring the presentation of the interim budget by Deputy Chief Minister Ajit Pawar in this election year.