The state budget for 2024-25 was presented ahead of the Maharashtra Assembly elections in October. The monsoon session of the Maharashtra Legislature began on Thursday.
Maharashtra Deputy CM and Finance Minister Ajit Pawar announced several initiatives while presenting the state budget.
Among these were the provision of three free LPG cylinders to eligible families and financial assistance of Rs 1500 every month to women.
Chief Minister’s My Girl Sister Scheme
Ajit Pawar announced the ‘Mukhyamantri Majhi Ladki Behen Yojana’, a financial assistance scheme for women.
Under this scheme, eligible women aged 21 to 60 will receive a monthly allowance of Rs 1500. The scheme will start in July with an annual budget of Rs 46,000 crore allocated for it.
Cheaper Petrol and Diesel
The budget also includes measures to reduce the price of petrol and diesel in Mumbai, Thane, and Navi Mumbai.
The tax on diesel in Mumbai will be reduced from 24% to 21%, lowering the price by Rs 2 per liter. The tax on petrol will be reduced from 26% to 25%, reducing the price by 65 paise per liter.
Free Cylinders Under Annapurna Yojana
Under the ‘Mukhyamantri Annapurna Yojana’, 52.4 lakh eligible families will receive three free LPG cylinders every year.
Increased Compensation for Animal Attack Deaths
The state government has increased financial assistance for deaths caused by animal attacks from Rs 20 lakh to Rs 25 lakh.
Financial Help for Farmers and Milk Producers
The government will give a bonus of Rs 5000 per hectare to all farmers in Maharashtra for cotton and soybean crops. Additionally, milk-producing farmers will receive a bonus of Rs 5 per liter from July 1, 2024.
Pink E-Rickshaw Scheme
The budget allocates Rs 80 crore to help 10,000 women from 17 cities in Maharashtra purchase e-rickshaws.
Shubh Mangal Mass Marriage Registration Scheme
The financial assistance for women under the Shubh Mangal Mass Marriage Registration Scheme will increase from Rs 10,000 to Rs 25,000.
Summary of Maharashtra’s Economic Review
The Economic Survey presented before the state budget revealed that Maharashtra’s economic growth rate was 7.6 percent in 2023-24, matching the national GDP growth rate.
The state’s Gross State Domestic Product (GSDP) at current prices for 2023-24 was Rs 40,44,251 crore, and at actual value, it was Rs 24,10,898 crore.
Maharashtra’s GDP Share and Sector Growth
Maharashtra’s average share in the national GDP at current prices is the highest at 13.9 percent. The per capita state income for 2022-23 was Rs 2,52,389. The growth rates in agriculture, industry,
and services were 1.9 percent, 7.6 percent, and 8.8 percent, respectively. The fiscal deficit was 2.8 percent of GSDP, while the revenue deficit was 0.5 percent.
