Maharashtra Deputy Chief Minister Devendra Fadnavis on Thursday presented the state budget in the legislative assembly. This is the first budget of the Shinde-led government and is based on the principles of ‘Panchamrut’ with five focus points- farmers, women, youth, employment, and environment.
The budget presentation game a day after the Economic Survey of Maharashtra was tabled in the assembly which projected the state to grow at a rate of 6.8%.
Top announcements in the Maharashtra Budget:
1. The Deputy Chief Minister announced an annual cash benefit of ₹6,000 for the farmers of Maharashtra. The scheme will be on the lines of the Union Government's PM KISAN Yojna and will cost ₹6,900 crore to the state government.
2. The government will conduct e-panchnama with the help of drones and satellites to assess the damage due to natural calamities like unseasonal rains. Fadnavis announced an insurance cover of ₹5 lakh for fisherfolks.
3. The government has announced ₹1,800 cash benefits for farmers of 14 suicide-hit districts.
4. Maharashtra government also announced the fourth comprehensive women's policy under which a girl from the Below Poverty Line (BPL) family will receive ₹75,000 from the state government till she attains the age of 18.
5. Fadnavis announced more relief for women in form of 50% discounts on travel across the state using the state transport system.
6. The government has also announced the Led-Ladki scheme under which grants will be given to yellow and orange ration card holders for education.
7. For the betterment of working women in Maharashtra, 50 new hostels will be started for working women. Fadnavis announced a hike in the remuneration of Anganwadi workers from ₹8,300 to 10,000 and of Anganwadi helpers from ₹5,500 from the existing ₹4,425 a month.
8. Maharashtra has increased the Mediclaim cover given to BPL families under Mahatma Phule Jivandayee Yojna from ₹1.5 lakh to ₹5 lakh. The free treatment of Mahatma Phule Janarogya Yojana has also increased from ₹1.5 lakh to ₹5 lakh.
9. The Modi Awas Yojana is set to be implemented to construct 1 million budget-friendly homes in the next three years, at a cost of ₹12,000 crore. Out of the total, 300,000 houses are planned to be built in the year 2023-24. Additionally, a welfare board for autorickshaws and taxi drivers will be launched in Maharashtra.
10. The Maharashtra government will use a 1,000-acre plot in Nagpur to develop a logistics hub. Fadnavis also informed that 46 km of metro lines have already been operational and around 50 km will become operational this year. The total length of the project is 337 km planned in the Mumbai Metropolitan Region.
Cyrus Mody, Founder and Managing Partner at Viceroy Properties also shared his view of the Maharashtra budget and said “the 1% duty discount for women homebuyers is a move that is welcomed and revered by the real estate sector. This will empower more women to become homebuyers and thus address a long-due concern of gender disparity.”
“The allocation of 36000 crore for state-wide infrastructural boost backed by a slew of new airports in Shirdi, Purandar and Chatrapati Sambhaji Nagar along waterways and roadways development will lead to a 10x growth in connectivity to and fro the financial capital, thus resulting in multi-fold growth of housing demand in newer micro-pockets of Mumbai, MMR and overall Maharashtra,” Mody added.
“The State Budget shows promise in terms of economic development for various communities including by way of 3 lakh homes to be built this year, which will address housing concerns existing in the state. The 1 trillion dollar share of Maharashtra in the 5 trillion dollar Indian economy, as envisioned by the government, will see the real estate market as a solid contributor, owing to consistent demand from homebuyers, redevelopment projects, and commercial projects,” Ram Raheja, Managing Director, S Raheja Realty said on the budget.
"There is also added incentive to women homebuyers who will enjoy a 1% discount on stamp duty. Moreover, the growth brought by the mega infra projects for which a sizeable amount has been allocated, will raise the standards of living and sentiments of the people of Maharashtra," Raheja added.
“The highlight of the state budget of Maharashtra is the 1% discount in stamp duty for women homebuyers. The move will encourage a sense of homeownership amongst women. The budget was well in line with the infra push announced in the Union Budget. The move towards boosting the infrastructure and connectivity through Maharashtra will open up opportunities for various segments of real estate developments comprising residential, retail, commercial and warehousing. The connectivity boost will drive the rise of new real-estate micro-markets, thus resulting in the emergence of new epicentres of Mumbai and MMR," Nitin Bavisi -CFO at Ajmera Realty and Infra India said.
"During the upcoming fiscal year 2023–2024, the national-level Economic Survey forecasts a base GDP increase of 6.5% in real terms. Overall, the State Budget has a methodical view of the all-encompassing growth of Maharashtra. With the opportunities that we foresee, it looks promising that the real estate sector will be a key contributor to Maharashtra’s economy that will be of a significant 1/5th share to the goal of a 5 trillion Indian Economy,” Bavisi added.
Catch all the Business News , Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.