Devendra Fadnavis. (File Photo | PTI)
MUMBAI: Maharashtra Deputy Chief Minister Devendra Fadnavis, who holds the finance portfolio also, announced a slew of incentives and schemes in Budget 2023-24 in his attempt to keep all sections happy ahead of Lok Sabha and State assembly elections next year.
Fadnavis said as India is moving towards a $5- trillion economy and Maharashtra aims to become a $ 1 trillion economy. The budget, presented in the assembly on Thursday, estimated a revenue deficit of Rs 16,112 crore and Rs 95,500.80 crore as a fiscal deficit. Using a digital gadget tab to read his budget speech, Fadnavis cited medieval period saint verses such as Saint Tukaram, Saint Dnyaneshwar to connect with the Bahujan masses.
He said to boost state’s share from 14.2 per cent to 20 per cent in the national gross domestic product (GDP), the government has decided to give emphasis on infra creation that will result in comprehensive development of Maharashtra. The finance minister announced ‘Namo Shetkari Mahasanman Nidhi’ to supplement the Pradhan Mantri Krishi Samman Nidhi Yojana, conceived by PM Narendra Modi, with grants from the State.
“Maharashtra government will provide an additional amount of Rs 6,000, along with Rs 6,000 per farmer per year from the central government. In this way, an amount of Rs 12,000 will be deposited in a farmer’s account every year. This will benefit around 1.15 crore farmer families. We have earmarked a budget of Rs 6,900 crore for this ambitious scheme,” Fadnavis said. He further said that there is a provision to pay 2 per cent of the insurance premium by the farmer in the Pradhan Mantri Crop Insurance Scheme of 2016 by the Central government.
“However, the insurance premium for their share will be paid by the state government itself. Farmers no longer bear this burden as well. Farmers can register on the Pradhan Mantri Crop Insurance Yojana portal by paying a nominal fee of Rs 1. We have made the provision of Rs 3,312 crores for this scheme,” he added.
“Under Mahatma Jyotirao Phule Shetkari Karjmukti Yojana, farmers who regularly repay short-term crop loans have been given an incentive of up to Rs 50,000, which was announced in the last two budgets, but not distributed. Under this scheme, an amount of Rs 4,683 crore has been directly disbursed to the bank accounts of 12.84 lakh eligible account holders by the end of February 15, 2023,” he said.
Finance minister said that the government has also proposed giving pipeline connections to 17,72,000 families under Jal Jeevan Mission that will cost Rs 20,000 crore to the state exchequer. “A new scheme called Lek Ladki will be launched for girls. Besides, women will be given a 50 per cent discount on ticket fares in state-run buses,” Fadnavis said.
Something for everyone
At a glance
I5,47,450 cr Total expenditure
I4,49,522 cr Revenue receipts
I4,65,645 cr Revenue expenditure
I16,112 cr Revenue deficit
I95,500 cr Fiscal deficit
‘Panchamrut’ - Five major goals
- Sustainable Farming - Rs 29,163cr
- Inclusive development of all sections of society, including women, tribals, backward classes, OBCs - Rs 43,036 crore
- Development of infrastructure with substantial capital investment - Rs 53,059 crore
- Employment generation- Rs 1,658cr
- Environment-friendly development - Rs 13,437 crore
Other takeaways
Aims to become $1-trillion dollar economy
Reduction of VAT rate on ATF from 25% to 18% in Mumbai, Pune and Raigad districts
Jal Jeevan Mission- About Rs 20,000 crore to be spent for providing water taps to
Modi Awas Gharkul Yojana - 10 lakh houses to be built in next three years for OBCs for Rs 12,000 cr
17,72,000 households
Female staff with a monthly salary up to Rs 25000 will be exmpted from Profession Tax.
Lek Ladki – Girl born in a family holding yellow or orange ration card to get grants at the stage of birth
