The Finance Department had raised concerns about the state’s financial health, estimating the fiscal deficit to be over ₹2 lakh crore. However, Mahayuti leaders, including Chief Minister Devendra Fadnavis and Deputy CMs Ajit Pawar and Eknath Shinde, claimed that the fiscal deficit has been brought under 3% of the GSDP. With a total outlay exceeding ₹7 lakh crore for the fiscal year 2025-26, they emphasised balancing welfare commitments with fiscal discipline.
Tax on EVs priced above ₹30 lakh
Key tax proposals include levying a tax on electric vehicles (EVs) priced above ₹30 lakh. On the welfare front, ₹36,000 crore has been allocated for the Ladki Bahin scheme, although the promised increase in the monthly payout from ₹1,500 to ₹2,100 has not been implemented in this budget. CM Fadnavis assured that the government is committed to fulfilling this promise once fiscal balance is achieved.
Ajit Pawar also highlighted investments from the World Economic Forum in Davos, with ₹16 lakh crore worth of MoUs signed. The government plans to build an ‘Innovation City’ in Navi Mumbai, covering 250 acres and generating significant employment. Additionally, the Ratan Tata Maharashtra State Skill University is collaborating with Microsoft to train 10,000 women in artificial intelligence (AI), underscoring the focus on skill development.
New Industrial Policy is in the works
A new industrial policy aiming to attract ₹40 lakh crore in investments and create 50 lakh jobs is in the works. This will be complemented by a new labour policy under the recently introduced labour codes. Pawar also noted that Maharashtra’s share in India’s exports has risen to 15.4%.
In infrastructure, the state is developing the Vadhavan Port in Palghar district in partnership with the Jawaharlal Nehru Port Authority and Maharashtra Maritime Board. With a project cost of ₹76,220 crore, the port is expected to handle 300 million metric tons of cargo annually, three times the capacity of the Jawaharlal Nehru Port, and is slated to be operational by 2030. Pawar also proposed a third airport for Mumbai near Vadhavan and a station for the Mumbai-Ahmedabad bullet train, enhancing connectivity and trade.
Major cultural initiatives announced
Cultural initiatives include declaring October 3 as Classical Marathi Language Day, along with a week-long celebration. The government will also establish a Translation Academy and prepare for the 2027 Simhastha Kumbh Mela in Nashik. ₹146.10 crore has been allocated for the development of Ramkund, Kalaram Temple, and the Goda riverbank in Nashik under the Ramkal Path Development Project.
Honouring historical and political figures, the government announced memorial projects, including one for Dnyanjyoti Savitribai Phule in Satara, and ₹220 crore for the second phase of the Late Balasaheb Thackeray National Memorial. Memorials for Atal Bihari Vajpayee, Chhatrapati Sambhaji Maharaj, Chhatrapati Shivaji Maharaj, and a Maratha valor memorial in Panipat, Haryana, have also been planned.
The budget also addresses cybersecurity, with the establishment of a high-tech command control centre at the Mumbai Police Commissioner’s office and the formation of the Maharashtra Cyber Crime Security Corporation to tackle rising cyber threats.
