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Maha proposes Rs 547,450 cr budget with huge fiscal, revenue deficits
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IANS | 09 Mar, 2023
Maharashtra's Deputy Chief Minister Devendra Fadnavis, who also holds
the finance portfolio, presented a Rs 547,450 crore budget for 2023-2024
showing huge fiscal and revenue deficits, here on Thursday.
As
per the budget estimates, the state plans to spend Rs 547,450 crore
with an estimated revenue receipts of Rs 449,522 crore over a revenue
expenditure of Rs 465,645 crore, resulting in a revenue shortfall of Rs
16,211 crore - down from Rs 24,353 crore over 2022-2023.
The
state remains at the lead in fiscal reforms, consistently maintaining
the revenue deficit below 1 per cent of the state gross domestic product
(SGDP).
The state government has also succeeded in keeping the
fiscal deficit below 3 per cent of the SGDP, and the fiscal deficit for
2023-2024 is estimated at a whopping Rs 95,500.8 crore - up from Rs
89,598 crore over 2022-2023.
Fadnavis said that the budget is
based on five major goals � �Panchamrut' � covering the farmers,
inclusive development, infrastructure, employment and environment.
Accordingly,
he has allocated Rs 29,163 crore for sustainable farming and prosperous
farmers; Rs 43,036 crore for inclusive development of all sections of
society, including women, children, tribals, BC/OBCs; Rs 53,058.55 crore
for infrastructure development with substantial capital investment; Rs
11,658 crore for competent, skilled jobs creation for the youth; and Rs
13,437 crore for environment-friendly development.
The budget's
outlay for scheme expenditures has been fixed at Rs 172,000 crore,
including Rs 13,820 crore for Scheduled Caste Plan and Rs 12,655 crore
for Tribal Sub-plan, besides announcing several new corporations for
different communities to boost their economic development, said
Fadnavis.
The state's debt burden, as per the latest RBI report,
stood at Rs 6.8 lakh crore till March 31, 2023, standing behind Tamil
Nadu (Rs 7.53 lakh crore) and Uttar Pradesh (Rs 7.1 lakh crore).
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