In an editorial published in the party’s mouthpiece Saamana, the Uddhav Thackeray-led faction said the government was creating “bubbles of optimism” about the state’s economic growth while overlooking mounting debt and weakening economic indicators
Uddhav Thackeray. File Pic
The Shiv Sena (UBT) on Friday criticised the Maharashtra government led by Chief Minister Devendra Fadnavis, alleging that claims about the state becoming India’s first “trillion-dollar economy” are unrealistic and ignore growing fiscal challenges, reported news agency IANS.
In an editorial published in the party’s mouthpiece Saamana, the Uddhav Thackeray-led faction said the government was creating “bubbles of optimism” about the state’s economic growth while overlooking mounting debt and weakening economic indicators, reported IANS.
Sena (UBT) says trillion-dollar target is unrealistic
The editorial claimed that the state government’s projections about Maharashtra emerging as a trillion-dollar economy within the next three years are misleading.
“However, the public knows these bubbles are hollow. When the time comes, people themselves will burst these bubbles,” the editorial said, reported IANS.
The party argued that the optimistic projections are not supported by the current economic trends and warned that the state’s financial situation is becoming increasingly fragile.
Concerns raised over slowdown in agriculture
The editorial highlighted what it described as troubling indicators in the state’s economic performance.
According to the article, the growth rate of Maharashtra’s agriculture sector — a key component of the state’s economy — is expected to fall sharply from 9.1 per cent to 3.4 per cent this year, reported IANS.
It also pointed out that despite an increase in the state’s Gross State Domestic Product (GSDP), Maharashtra’s per capita income ranking has slipped to fifth place nationally, behind states such as Telangana.
The editorial further claimed that Maharashtra’s economic strength has been built over several decades through investments in infrastructure and development by earlier governments, reported IANS.
Party questions credit for long-term economic growth
The Saamana editorial stated that the state’s current economic position is the result of development initiatives taken over the last six decades rather than the policies of the past decade alone, reported IANS.
“Whether it is the state’s gross income or growth rate, the foundation was laid over the last six decades. Fadnavis and the BJP may forget this, but the people have not,” the editorial said, reported IANS.
The party suggested that the government is overstating its contribution to the state’s economic progress.
Rising state debt highlighted as major concern
A major issue raised in the editorial is the growing debt burden on the state’s finances.
According to the article, Maharashtra has become the most indebted state in the country, with total debt expected to reach around Rs 11.02 lakh crore within a year, reported IANS.
The editorial noted that while the government highlights the state’s gross income of Rs 51 lakh crore over the past decade, it does not adequately address the rising debt levels.
It claimed that the debt burden translates to approximately Rs 85,000 per citizen in Maharashtra, even for those who have not taken any loans personally.
Interest payments and debt ratio under scrutiny
The editorial also pointed out that the government is expected to spend nearly Rs 65,000 crore annually on interest payments alone, reported IANS.
It warned that the state’s debt-to-GSDP ratio could approach 21 per cent by the end of the year, raising concerns about long-term fiscal stability.
The Shiv Sena (UBT) said that while the government continues to promote the vision of a trillion-dollar economy, citizens are aware of the financial realities and will eventually hold the administration accountable for what the party described as “hollow claims.”
(With inputs from IANS)
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