Eye on polls, Maha budget targets thrust areas to achieve $1 Trillion economy

Mumbai: Eyeing the forthcoming parliamentary and Maharashtra Assembly elections, the MahaYuti Government on Tuesday tabled its Interim Budget 2024-2025 with a strong focus on key areas intended to achieve the dream of a $1 Trillion economy.

Deputy Chief Minister and Finance & Planning Minister Ajit Pawar presented the interim budget for four months, in the state legislature, pushing for Prime Minister Narendra Modi’s passion sectors like infrastructure, development, employment, welfare schemes for women, youth, farmers and the poor.

As per the Interim Budget 2024-2025 estimates, Rs 600,522 crore is proposed as total expenditure and the revenue expenditure will be Rs 508,492 crore, against revenue receipts of Rs 498,758 crore, entailing a revenue deficit of Rs 9,734 crore which is 0.23 per cent of the State GDP (SGDP) and fiscal deficit of Rs 99,288 crore which is 2.32 per cent of the SGDP.

Dy CM Ajit Pawar announced that land acquisition on the Maharashtra side for the Bullet Train Project – the PM’s dream project – is nearly complete, and work is proceeding quickly.

Ajit Pawar also proposed an outlay of Rs 1.92 lakh-crore for various projects and schemes to be undertaken during the next fiscal.

The Maharashtra State Infrastructure Development Corporation (MSIDC) has been set up to implement projects in 22 sectors like roads, railways, metros, power, ports and airports.

The MSIDC will take up building of 7,500 kms of roads under the Annuity Scheme-II; upgrade 7,000 kms of roads at a cost of Rs 7,600 crore, while an amount of Rs 10,629 crore is earmarked for the Urban Development Department and Rs 19,936 crore for the PWD (Roads) Department.

The government has proposed Rs 9,280 crore for the Rural Development Department, Rs 4,094 crore for the Home Department and Rs 1,432 crore for General Administration Department, Rs 1,021 crore for Industry Department, Rs 1,952 crore for Cooperatives, Marketing and Textiles Department, Rs 11,934 crore to Energy Department, Rs 3,650 crore for Agriculture, Rs 555 crore for Animal Husbandry, Dairy Development & Fisheries Department, Rs 708 crore for Horticulture, Rs 16,456 crore for Water Resources, Command Area Development Authority and Khar-lands Department, and Rs 15,360 crore for Tribal Development.

While drought was declared in 40 talukas, a drought-like situation exists in 1,021 Revenue Circles in the state for which major relief measures were implemented during the 2023 Kharif season.

Ajit Pawar said 44.82 lakh farmers who lost their crops due to natural calamities were provided a gratis amount of Rs 3,825 crore, and Rs 12,769 crore was given for loss to agriculture from July 2022.

Some of the important highlights for Mumbai are: Extending the upcoming Bandra-Versova Sea Link up to Palghar for enhance connectivity to Mumbai (western side), extend the Eastern Freeway up to Thane (eastern side), Rs 22,225 crore for land acquisition for the Virar-Alibaug multi-modal corridor.

Elsewhere, the government will spend Rs 10,519 crore for the Pune-Ring Road, Rs 2,886 crore for Jalna-Nanded Expressway (both for acquiring lands).

The land acquisition process has been initiated for new railways lines – Kalyan-Murbad, Pune-Nashik and Solapur-Dharashiv, 50 per cent financial participation approved for new rail links like Phaltan-Pandharpur, Kampa-Warora, Jalna-Jalgaon, Nanded-Bidar, Jalna-Khamgaon, Adilabad-Washim, Nanded-Hingoli, Murtijapur-Yavatmal and Pune-Lonavala routes 3 & 4.

The Maharashtra Maritime Board will have a 26 per cent participation in the Vadhwan Port project costing Rs 76,220 crore, a well-equipped jetty will come up at Colaba under the Sagarmala Scheme at a cost of Rs 229 crore.

Development works shall be undertaken at Bhagwati Port at a cost of Rs. 300 crore, Marine Fort at Janjira at a cost of Rs 111 crore and Elephanta Isles Rs 88 crore.

Modernisation of the Mirkarwada Fishing Port will benefit over 2,700 fisherfolk.

The government plans to spend Rs 578.45 crore for land acquisition to expand the Chhatrapati Sambhajinagar Airport.

The MahaYuti Government hopes to create around 36,000 jobs by setting up 18 small-scale garment industry complexes.

Under the CM Employment Creation Program 25,000 industrial units will be set up including 30 per cent units by women, which will create 50,000 more jobs.

The government will spend Rs 450 crore to boost exports in infrastructure development, five industrial parks to promote exports and Rs 400 crore to provide special incentives to exportable components.

As many as 312 projects worth Rs 28,315 crore in 145 cities have been approved under the Amrit 2.0 Mission, roadside tree plantation for 25,000 kms on all state highways and district roads, among other plans.