With Finance Minister Ajit Pawar no more, the Mahayuti government faces a race against time before the legislature session begins next month
Maharashtra Deputy Chief Minister Ajit Pawar (centre) during the 2024 state budget session in Mumbai. File pic/Sayyed Sameer Abedi
With the sudden demise of Deputy Chief Minister Ajit Pawar, who held the crucial Finance portfolio, the Maharashtra government now faces a major challenge ahead of the state legislature’s budget session scheduled to begin on February 23.
Handling the Finance Department at short notice is considered a complex task, especially with the budget process already underway. Senior officials and political observers say Chief Minister Devendra Fadnavis may temporarily take charge of the portfolio, and could even present the state budget himself.
Last year, Ajit Pawar had presented the Mahayuti government’s budget, marking his 11th state budget, the second-highest number presented by any finance minister in Maharashtra’s history.
While tabling the budget, Pawar had acknowledged that the state’s debt burden was rising but maintained that it remained within prescribed fiscal limits. According to official finance documents, Maharashtra’s total debt is projected to touch Rs 9.32 lakh crore in the financial year 2025-26. In 2024-25, the actual debt stood at Rs 8.39 lakh crore, higher than the earlier estimate of Rs 7.8 lakh crore.
Despite fiscal pressures, Pawar had announced that the government would not increase ready reckoner rates or introduce any major new taxes, citing concerns over burdening taxpayers and the common man. He had also assured that no cuts were made to development or infrastructure spending.
However, with multiple new infrastructure projects lined up and revenue receipts under strain, officials admit that balancing the upcoming budget will be a difficult exercise.
Given the circumstances, many within Mantralaya believe Chief Minister Devendra Fadnavis is the most viable option to take temporary charge of the Finance Department. Fadnavis has previously handled the portfolio and is familiar with the budget-making process.
In the past, he had also authored a simplified booklet explaining the state budget in easy language, aimed at helping citizens understand complex financial terms and allocations.
As the government prepares for the budget session amid political uncertainty and fiscal pressure, the responsibility of steering Maharashtra’s finances now rests heavily on the leadership’s next move.
Rs 9.32 lakh crore
Amount Maharashtra’s total debt is expected to reach in the financial year 2025–26
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