Maharashtra Presents A Revenue-Deficit Budget Ahead Of Polls
Maharashtra projected a higher revenue deficit for 2019-20 in the budget presented by Finance Minister Sudhir Mungantiwar.
The revenue deficit is estimated to be Rs 20,293 crore in the ongoing financial year compared with Rs 14,960 crore in the previous fiscal, according to the budget estimates. That’s 0.68 percent of the gross state domestic product against last year’s 0.56 percent. The fiscal deficit is, however, expected to narrow from the revised estimate of 2.11 percent in 2018-19 to 2.07 percent in FY20.
- Revenue expenditure estimate for FY20: Rs 3.35 lakh crore.
- Revenue Receipt estimate for FY20: Rs 3.15 lakh crore.
The Finance Minister set aside Rs 16,179.25 crore for agriculture and allied activities in an election year as the state battles rural distress. That comes after 151 of the 358 taluks in the state were declared drought-hit in November last year.
Key Farm Provisions
- Proposal of over Rs 12,597 crore for water resources department to carry out irrigation projects in the state.
- Rs 125 crore to achieve the target of setting up 25,000 farm ponds during the financial year ending March 2020.
- Rs 600 crore will be made available to four agricultural universities.
Chief Minister Devendra Fadnavis said budget was balanced and progressive. The opposition, however, called it a “lollipop given to the public just before the polls”.
Other Budget Highlights
- An amount of Rs 6,410 crore has been set aside for the purpose of assistance for redressal of natural disasters.
- CM Employment Generation Programme to be launched under National Industrial policy, 2019.
- 50 industrial parks will be built at taluk level for micro, small and medium industries.
- Rs 100 crore for construction of houses for the disabled.
- Increase in the grant given to farmers for micro irrigation. An outlay of Rs 350 crore
- Rate of social assistance scheme raised from Rs 600 to Rs 1,000 in Sanjay Gandhi Niradhar Yojana and Shrwanbal Yojana
- A Rs 500-crore programme for creation of employment in Naxal-affected areas. Rs 100 crore will be provided this year