Fadnavis Presents ₹7.69 Lakh Crore Maharashtra Budget; Announces Loan Waiver for Farmers

Devendra Fadnavis presented a massive ₹7.69 lakh crore budget for Maharashtra, outlining major plans for economic growth, agricultural reforms, and welfare measures. One of the key highlights of the budget was the announcement of a loan waiver for farmers, aimed at providing relief to those struggling with debt.

Focus on Agriculture Growth

The budget places strong emphasis on transforming the state’s agricultural sector. The government has set an ambitious target of achieving ninefold growth in the agricultural economy over the coming decades.

Officials said the plan aims to increase the sector’s contribution to GDP from around $55 billion to nearly $500 billion by the year 2047, aligning with India’s long-term economic development goals.

Major Relief for Farmers

A key announcement in the budget is the loan waiver scheme for farmers, which is expected to benefit thousands of farmers across Maharashtra. The move is intended to ease financial stress caused by crop losses, rising input costs, and fluctuating market prices.

The government said further details about the implementation and eligibility criteria will be announced soon.

Revenue and Fiscal Estimates

According to the budget documents, the state’s revenue receipts are estimated at around ₹6.56 lakh crore for the financial year. However, with higher expenditure planned for welfare schemes, infrastructure and development projects, the state is expected to face a revenue deficit of approximately ₹40,500 crore.

Development and Infrastructure Plans

Apart from agriculture, the budget also focuses on investments in infrastructure, rural development, and employment generation. The government plans to boost spending on roads, irrigation projects, and industrial development to accelerate economic growth across the state.

Long-Term Economic Vision

The Maharashtra government said the budget is designed with a long-term vision to strengthen the state’s economy and improve livelihoods. By focusing on agriculture, infrastructure and welfare programs, the government aims to position Maharashtra as a major economic powerhouse in the coming decades.