Maharashtra Supplementary Budget of Rs 6.12 Lakh Crore Presented by Finance Minister Ajit Pawar
Mumbai, 28th June 2024: Deputy Chief Minister and Finance Minister Ajit Pawar presented the supplementary budget for Maharashtra with a total expenditure provision of Rs. 6,12,293 crore, emphasizing significant allocations across various sectors. This marks his tenth budget presentation since assuming office.
In his address to the Legislative Assembly today, Pawar highlighted key initiatives aimed at boosting the state’s development in sectors such as agriculture, education, industry, and healthcare. The budget includes a revenue collection estimate of Rs. 4,99,463 crore against a projected revenue expenditure of Rs. 5,19,514 crore. Additionally, an outlay of Rs. 1,92,000 crore has been proposed for the Annual Plan program expenditure.
The budget also addresses specific schemes benefiting farmers, with a substantial allocation towards subsidies for seeds, irrigation, and modern technology. Pawar underscored the government’s commitment to supporting farmers through various schemes under the “Self-reliant farmers, prosperous farmers” motto. Notably, schemes like the “Namo Shetkari Mahasanman Nidhi Yojana” have already disbursed Rs. 5,318 crore to 92.43 lakh farmer families.
Furthermore, the budget includes provisions for equalizing value-added tax (VAT) on petrol and diesel across municipal areas like Brihanmumbai, Thane, and Navi Mumbai. This adjustment aims to provide relief to citizens, industries, and the trade sector. It reduces the VAT on diesel from 24% to 21% and adjusts the VAT on petrol to maintain competitive pricing.
In a move to support Central Armed Forces personnel, Pawar announced exemptions from business tax for those serving in units like the Central Armed Police Force, Assam Rifles, and others. Approximately 12,000 personnel are expected to benefit from this exemption.
Moreover, the budget proposes amendments in stamp duty policies, including a reduction in penalty rates for underpaid stamp duties and an extended timeframe for stamp duty refund applications.
Pawar concluded his speech by expressing optimism about the budget’s potential to enhance the state’s socio-economic fabric and uphold Maharashtra’s pride and self-esteem.
