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Maharashtra’s Dy CM & Finance Minister Devendra Fadnavis Presents Rs 5.47 lakh crore Budget of FY24

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Maharashtra's Deputy Chief Minister and Finance Minister Devendra Fadnavis presents Maharashtra Budget 2023-24

Maharashtra’s Deputy Chief Minister (Dy CM) and state finance minister (FM) Devendra Fadnavis presented the Eknath Shinde (CM)-led government’s maiden budget with an outlay of Rs. 5,47,450 crore for the financial year 2023-24 (FY24).

  • The budget marks Devendra Fadnavis’ 1st state budget presentation and it is also the first budget of Maharashtra in Amrit Kaal, based on five major goals or ‘Panchamrut’.
  • Panchamrut focuses on five primary domains: farmers, women, tribals, infrastructure development with significant capital investment, employment generation, and eco-friendly development.

Growth: As per the Maharashtra Economic Survey the growth of the state in FY24 was projected at 6.8%.

Key Budget Components of FY24:

  • Revenue Receipts – Rs. 4,49,522 crore
  • Revenue Expenditure – Rs. 4,65,522 crore
  • Revenue Deficit – Rs. 16,112 crore
  • Fiscal Deficit – Rs. 95,500.80 crore
  • Total Outlay – Rs. 1,72,000 crore

Top announcements in the Maharashtra Budget:

i.The “Maharashtra Settlement of Arrears of Tax, Interest, Penalty, or Late Fee Act, 2023” would replace the Amnesty Scheme, 2023, for the Goods and Services Tax Department.

  • Under this scheme, arrears of Rs. 2 lakh or less per year will be completely waived; as a result, small dealers will benefit in around 1 lakh cases.

ii.The government has boosted the expenditure for farmers by Rs. 6,900 crore to make an annual cash benefit of Rs 6,000 for the farmers on the lines of the Union Government’s PM KISAN Yojna.


  • The health insurance scheme coverage of ‘Mahatma Phule Jan Arogya scheme’ was increased from Rs. 1.5 lakh to Rs. 5 lakh.
  • The Mediclaim cover given to Below Poverty Line (BPL) families under ‘Mahatma Phule Jivandayee Yojna’ was also increased from Rs 1.5 lakh to Rs 5 lakh. 

iv.The budget provides professional tax relief for working women earning up to Rs. 25,000, a 50% ticket fare concession for women taking state-run buses, and the new “Lek Ladki” scheme for girl children.

  • Under the Lek-Ladki scheme, grants for education will be offered to yellow and orange ration card holders.

v.The state government would offer an additional Rs. 6,000 every farmer under the “Namo Shetkari Mahasanman Nidhi” scheme.

vi.The Pradhan Mantri Fasal Bima Yojana for Farmers was introduced, with an allocation of Rs. 3,312 crore.

vii.The remuneration of Accredited Social Health Activist (ASHA) workers was increased from Rs. 8,300 to Rs. 10,000 per month, and that of Anganwadi helpers was increased to Rs. 5,500 from Rs. 4,425 per month.

viii.”Shakti Sadan,” a new scheme, was announced to provide shelter, legal aid, medical care, and counselling to women in distress who have been liberated from sexual exploitation or who are victims of domestic violence.

  • The scheme would be launched with the aid of the Union government by combining the Swadhar and Ujjwala schemes.

ix.The “Modi Awas” Gharkul Yojana was announced, under which up to 10 lakh houses for backward-class beneficiaries will be built over the next three years with Rs 12,000 crore.

  • In total, 300,000 houses are scheduled to be built between 2023-2024.

x.The Mumbai Metro Region, which has a 337-kilometer length overall, will have 50 km of Metro lines operational by 2023.

xi.Green hydrogen, green ammonia, solar, and wind energy are likely to get investments totaling Rs. 75,000 crore, while Solar energy projects will be established in 20,000 Gram Panchayats.

xii.The government will use drones and satellites to conduct e-panchnama to assess the damage caused by natural disasters like unseasonal rains.

xiii.A Rs. 5 lakh insurance cover for fishermen has been announced.

xiv.A fourth comprehensive women’s policy was unveiled, under which a girl from BPL household will get Rs. 75,000 from the state government till the age of 18.

xv.The Maharashtra government will also establish a welfare board for taxi and autorickshaw drivers.

xvi.The Maharashtra government intends to develop a logistics hub on a 1,000-acre site in Nagpur.

Recent Related News:

In January 2023, the Cabinet of Maharashtra, headed by CM Eknath Shinde, decided to recognise ‘Jai Jai Maharashtra Majha’, penned by Raja Badhe and sung by balladeer Krishnarao Ganpatrao Sable (popularly known as Shahir Sable), as the state song of Maharashtra. With this, Maharashtra becomes the 12th Indian state to have a state song.

About Maharashtra:

Chief Minister – Eknath Shinde
Governor – Ramesh Bais
Wildlife Sanctuary (WLS) – Nagzira WLS; Chikhaldara WLS
Tiger Reserve – Melghat Tiger Reserve; Sahyadri Tiger Reserve