Mumbai, March 6: Maharashtra Chief Minister Devendra Fadnavis presented a budget of ₹7,69,467 crore for the fiscal year 2026-27 in the state assembly on Friday. The budget includes a significant Loan Waiver of up to ₹2 lakh for Farmers, along with various measures aimed at promoting agriculture, Infrastructure, and social welfare.
The budget anticipates a revenue deficit of ₹40,552 crore and a fiscal deficit of ₹1,50,491 crore. The government estimates revenue receipts at ₹6,16,099 crore against a revenue expenditure of ₹6,56,651 crore for the financial year. Fadnavis stated that the government has successfully kept the revenue deficit below 1% and the fiscal deficit below 3% of the Gross State Domestic Product (GSDP).
According to revised estimates for 2025-26, revenue receipts are projected at ₹6,01,789 crore, exceeding the budget estimates of ₹5,60,964 crore. This year, the revenue expenditure is expected to be ₹7,55,920 crore, compared to the budget estimate of ₹7,00,020 crore.
In his 1 hour and 24-minute budget speech, the Chief Minister outlined a roadmap for ‘Developed Maharashtra 2047’, focusing on agriculture, healthcare, sustainable development, and good governance. He emphasized the state’s goal of achieving a $1 trillion economy by 2030 and a $5 trillion economy by 2047.
A notable feature of the budget is the Punyashlok Ahilyabai Holkar Farmer Loan Waiver Scheme, which will waive up to ₹2 lakh of outstanding crop loans for every farmer by September 3, 2025. The government also announced an allocation of ₹20,000 crore to provide free electricity to farmers operating water pumps of up to 7.5 HP.
Additionally, a pilot project utilizing artificial intelligence will be launched in 75 villages to provide real-time information on weather patterns, crop trends, and soil health, aiming to enhance productivity.
On the infrastructure front, the government proposed transforming Maharashtra into a ‘Seamless Multimodal Hub’, with plans to construct a 1,200 km metro rail network and over 6,000 km of expressways by 2047. Dedicated funding and expedited work for the Mumbai-Pune high-speed rail (bullet train) corridor were also proposed.
To alleviate congestion in Mumbai, the Sewri-Worli connector is expected to be completed by September 2026, while South Mumbai will be linked to the Prosperity Expressway by 2028. The government is also planning to build underground tunnels to reduce traffic disruptions in Mumbai and Pune.
To strengthen the startup ecosystem, the Chief Minister announced the establishment of a startup and innovation center on 130 acres in Wadala. A new commissionerate will be created to support Micro, Small, and Medium Enterprises (MSMEs) from start to finish. The Mumbai Metropolitan Region, Pune, and Nagpur will be developed as major ‘growth hubs’ with a total investment of ₹5,000 crore over the next five years.
Regarding social welfare, Fadnavis assured that the flagship ‘Girl Child Scheme’ will continue with necessary funding, although a verification process will be implemented to ensure financial discipline and target genuine beneficiaries. The government has also allocated ₹33,410 crore for the Pradhan Mantri Awas Yojana-Gramin, which will now require rooftop solar installations for rural homes.
Furthermore, to decentralize the state’s entertainment industry, a new film city will be developed in Ramtek, Vidarbha.