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Maha shows 7.6% rise in vehicles on road at 3.14 cr

Maha shows 7.6% rise in vehicles on road at 3.14 cr

The budget proposes revenue expenditure of Rs3.01 trillion and estimates revenue receipts of Rs2.86 trillion, thus registering a revenue deficit of Rs15,375 crore. Under the farm loan waiver scheme announced in June 2017, the government has so far given approval to banks to transfer Rs23,102.19 crore directly into more than 4.6 million accounts of farmers, and of these, banks had transferred Rs13,782 crore into more than 3.5 million accounts till 6 March, he added. No new taxes were announced in the budget. The work order for Shivaji memorial was issued a few days back. The costs are to be shared equally by state and Centre.

The budget provides Rs8,233 crore to the water resources department and Rs3,115 crore as the state's contribution to complete 26 irrigation projects under the Pradhan Mantri Krushi Sinchai Yojana. Mungantiwar said the work on Chief Minister Devendra Fadnavis' ambitious high-speed Nagpur-Mumbai Highway project will commence from April.

- The percentage of debt stock to GSDP was expected to be 16.6 in 2017-18 as compared to 16.4 in 2016-17.

The sharp fall in the agriculture sector, from the 12.5 per cent growth in 2016-17 is a prime cause that has affected the economic growth rate of the state, the finance minister said. We envision the share of Maharashtra in the national economy to be $1trillion (by 2025). It is a major hindrance to the growth of the agriculture sector.

Maharashtra Finance Minister Sudhir Mungantiwar on Friday presented a revenue deficit Rs 15,375 crore budget for the financial year 2018-19, as against Rs 4,511 crore estimated in the 2017-18 budget.

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Mr Mungantiwar said that the state would try to minimise the deficit by reducing avoidable expenditure and effective recovery of revenue.

The Rs 46,000-crore project will be implemented by the Maharashtra State Road Development Corporation (MSRDC).

- The report also states that between August 1991 and December 2017, total 19,826 industrial proposals with an investment of Rs 11,89,815 crore were approved. The state plans to energize 93,322 agricultural pumps next fiscal at an outlay of Rs750 crore.

Mungantiwar said the number of taxpayers, post the implementation of Goods and Services Tax (GST) from July 1, 2017, has increased significantly by 5.32 lakh to 13.62 lakh. Of this, Rs 130 crore has been provided for projects by MMRDA, while the rest is for MMRC. The fiscal position of the state has indicated that the coming year will be tough and the government might resort to austerity measures.

Leader of the opposition in the Legislative Council Dhananjay Munde said that the government had landed itself in huge debts and was on way to bankruptcy. "Such an approach will avoid thin spreading or paucity of funds, enabling faster completion of projects", a senior finance official said.