Maharashtra deputy chief minister and finance Minister Ajit Pawar informed the Legislative Assembly on Friday that Maharashtra's Gross State Domestic Product (GSDP) has seen a growth of 10 percent in the ongoing fiscal year. He emphasized the government's dedication to keeping the revenue deficit within the prescribed limit.
In response to discussions regarding the interim budget for FY 2024-25, which was introduced in the Lower House earlier this week, Ajit Pawar addressed the assembly. He highlighted that the fiscal deficit, representing the variance between the government's income and expenditure, has been contained at 2.32 percent of the state's Gross Domestic Product (GDP). Pawar also reiterated the significance of GSDP, which serves as a measure of the total economic output generated within a state's borders during a designated period, usually a fiscal year.
He said the GST (Goods and Services Tax) recovery has also increased, filling the state coffers substantially. The GST revenue has increased 19.9 per cent, which is the highest for a state in the country. Pawar said the state's current debt is 18.02 per cent of the GSDP and added the prescribed limit should be 25 per cent.
The Deputy Chief Minister affirmed that the interim budget remains centered on key sectors, outlining a total expenditure of Rs 6,00,522 crore for the upcoming fiscal year. The budget specifically addresses crucial areas such as agriculture, education, public works, health and medical education, and social justice. Despite the budget's focus on these segments, it also acknowledges a revenue deficit of Rs 9,734 crore.
In addition, emphasis has been placed on infrastructure development to bolster industrial expansion, stated Pawar. He underscored the government's pro-farmer stance, highlighting various measures aimed at supporting cultivators. These initiatives include offering the benefit of crop insurance at a nominal cost of Re 1, contributing Rs 6,000 per eligible farmer annually through the centrally-sponsored Namo Shetkari Sanman scheme, and supplying essential food grains at subsidized rates.