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Maharashtra targets a US $1 Trillion economy, presents a deficit budget of Rs 2.3K crore

MUMBAI: Maharashtra's Maha Vikas Agadi (MVA) government a three-party political coalition led by Uddhav Thackeray of Shiv Sena with Sharad Pawar led NCP and Sonia Gandhi led INC, presented the state budget announcing several sops and tax concessions and aims to be a US $1 trillion economy, however, it's staring at a huge revenue deficit budget for the financial year 2022-23.

The budget presented by deputy chief minister, Ajit Pawar, who also holds the finance post, estimates that for the financial year 2022-23, revenue receipts will be at Rs 4,03,427 crore and revenue expenditure is likely to be to the tune of Rs 4,27,780 crore. Although the state aspires to grow at 12.1% in the fiscal year 22-23 with a hope of becoming the first state with a trillion-dollar economy,  the budget is resulting in a revenue deficit of Rs 24,353 crore or about 5.70 per cent.

Pawar said, with the budget focuses on all the key sectors and had proposed a large part of the outlay for what Pawar called the five elements (5-Point) of Panchasutri – agriculture, health, human resource, transport and industry with a provision of Rs 1,15,215 crore which he said will be consistently provided to the tune of Rs 4 lakh crore in the next three years. 

An outlay of Rs 46,667 crore has been earmarked for human development and human resources, Rs 28,605 crore for transportation infrastructure, Rs 23,888 crore is proposed for agriculture and allied sectors, Rs 10,111 crore for industry and energy sectors and Rs 5,244 crore has been provided for the health sector.

There is a major focus on road constructions and has provided a sum of Rs 7,500 crore for 10,000 km roads under Mukhyamantri Gram Sadak Yojana Phase II,  Rs 16,039 crore for the Nashik-Pune medium high-speed railway project and decided to extend the Mumbai Metro 3 (Colaba-Bandra-Seepz) corridor from Cuffe Parade to Navy Nagar.

The state has also announced that the Hindu Hruday Samrat Balasaheb Thackeray Samruddhi Highway will be extended from Nagpur to Bhandara-Gondia and Nagpur to Gadchiroli and additionally will undertake 6,550 km road improvement under Prime Minister’s Village Road Scheme Phase 3.

Among the major sops, the government announced a first-ever amnesty scheme 2022 for the Goods & Sales Tax Department which will be applicable from April 1-September 30 this year under which there will be a complete waiver of the arrears of Rs 10,000 or less per year as per any statutory orders for various tax laws in the state. 

Pawar said that this amnesty scheme will benefit around 100,000 small dealers further announcing that under the scheme those having arrears of Rs 10 lakh or less till March 31, 2022, can pay a lump sum of 20 per cent of their total arrears and the remaining 80 per cent shall be waived, benefitting over 220,000 such cases of medium dealers.

Taking a hit of about Rs 800 crores, the government has slashed VAT on natural gas from 13.5 per cent to just 3 per cent which will benefit households with piped natural gas and CNG-powered vehicles.

The state has announced an incentive grant of Rs 50,000 to 20 lakh farmers who repay their crop loans on time and has planned an outlay of Rs 10,000 crore for the same, at the same time it has decided to waive the loan of Land Development Bank worth Rs 964 crore for 34,788 farmers.

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