Chief Minister Devendra Fadnavis, who currently holds the finance portfolio, presented a Rs 7,69,467 crore state budget in the legislative assembly and outlined several welfare and development initiatives
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The Maharashtra government on Friday announced a crop loan waiver of up to Rs 2 lakh for eligible farmers while presenting the Maharashtra Budget 2026, along with a commitment to continue the Mukhyamantri Majhi Ladki Bahin Yojana aimed at supporting economically weaker women.
Chief Minister Devendra Fadnavis, who currently holds the finance portfolio, presented a Rs 7,69,467 crore state budget in the legislative assembly and outlined several welfare and development initiatives. He also reiterated the state government’s long-term goal of transforming Maharashtra into a USD 5 trillion economy by 2047.
Rs 2 lakh crop loan waiver for farmers
One of the key announcements in the budget was the Punyashlok Ahilyadevi Holkar Shetkari Karjmafi Yojana, under which crop loans of up to Rs 2 lakh taken until September 30, 2025 will be waived for eligible farmers.
The chief minister said the scheme is aimed at providing relief to farmers struggling with debt and improving their financial stability.
In addition to the waiver, the government will also provide an incentive of Rs 50,000 to farmers who have been regular in repaying their loans, recognising their financial discipline.
The announcement is expected to benefit a large number of farmers across the state and provide support to the agricultural sector, which continues to face challenges such as fluctuating crop prices and climate-related uncertainties.
Ladki Bahin Yojana to continue
Fadnavis also confirmed that the Mukhyamantri Majhi Ladki Bahin Yojana, launched in 2024 to provide financial assistance to women from economically weaker sections, will continue with adequate funding in the upcoming financial year.
Under the scheme, eligible women receive Rs 1,500 per month as direct financial support from the state government.
The chief minister said the government remains committed to strengthening social welfare schemes that empower women and support low-income households.
Push for rural infrastructure
The budget also emphasises improvements in rural infrastructure. According to the chief minister, all villages with a population of more than 1,000 will be connected by concrete roads as part of the government’s efforts to enhance connectivity and support development in rural areas.
Better road connectivity is expected to improve access to markets, healthcare and educational facilities in villages across Maharashtra.
State finances and fiscal outlook
While presenting the budget, Fadnavis outlined the state’s financial position for the upcoming fiscal year.
The revenue receipts are estimated at Rs 6,16,099 crore, while revenue expenditure is projected at Rs 6,56,651 crore. This results in a revenue deficit of Rs 40,552 crore for the financial year 2026–27.
The fiscal deficit is estimated at Rs 1,50,491 crore, though the chief minister said the government has managed to keep it below 3 per cent of the state’s Gross State Domestic Product (GSDP), in line with fiscal discipline targets.
He also noted that Maharashtra’s revenue deficit has consistently remained below 1 per cent of the GSDP, reflecting the state’s relatively stable financial management.
Emotional tribute to Ajit Pawar
During his speech, Fadnavis paid tribute to former state finance minister Ajit Pawar, who died in an air crash earlier this year.
The chief minister announced that the government would build a memorial in honour of the late Nationalist Congress Party leader.
The assembly witnessed emotional moments as members raised slogans of "Ajit Dada Amar Rahe" when Fadnavis rose to present the budget. Following Pawar’s death in January, the chief minister has been handling the finance portfolio in addition to his other responsibilities.
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