Maharashtra to be the first state to have USD 1 trillion economy: Maha Deputy CM Ajit Pawar

"As per the budget estimates, revenue receipts would be to the tune of Rs 4,03,427 crore, and revenue expenditure at Rs 4,27,780 crore. There would be thus a revenue deficit of Rs 24,353 crore," he clarified while claiming that the state has received 1.88 lakh crore investment from June 2020 to Dec 2021 in the Magnetic Maharashtra 2.0 program.

Mumbai: Maharashtra will be the first state to have a 1 trillion dollar economy, said Ajit Pawar, the Deputy CM, and Finance Minister while presenting the Budget 2022 in the legislative assembly today. In the third budget session of the Shiv Sena-led state government, he further declared a provision of Rs 1,50,000 crore issued for the annual plan.

"As per the budget estimates, revenue receipts would be to the tune of Rs 4,03,427 crore, and revenue expenditure at Rs 4,27,780 crore. There would be thus a revenue deficit of Rs 24,353 crore," he clarified while claiming that the state has received 1.88 lakh crore investment from June 2020 to Dec 2021 in the Magnetic Maharashtra 2.0 program.

While presenting the budget, Ajit Pawar said that the focus of the budget this time will primarily be on Agriculture, Health, Human Resources, Transport, and Industries for higher development. "We are expecting 1,15,215 cr for all five sectors. We have proposed Rs. 23,888 crores for agriculture and allied sectors, Rs. 5,244 crores for the health sector, Rs. 46,667 crores for human and manpower development, Rs. 28,605 crores for infrastructure and transportation, and Rs. 10,111 crores for the industry and energy department.

The budget also proposed an amnesty scheme for the Goods and Services Tax (GST) payees. The tax revenues as per the revised estimate for the year 2021-22 would be Rs 2,75,498 crore, which would include the revised estimate of Rs 1,55,307 crore on account of GST, VAT, Central Sales Tax, Professional Tax, and other taxes. There would be an amnesty scheme for GST arrears, to be called the Maharashtra Settlement of Arrears of Tax, Interest, Penalty or Late Fee Scheme, 2022', the finance minister said.

The duration of the scheme will be from April 1, 2022, to September 30, 2022, and is estimated to benefit medium-level dealers in almost 2.2 lakh cases due to the scheme. Under this amnesty scheme, on payment of the lump sum amount of 20 percent, a waiver will be granted for the remaining 80 percent of arrears. Whereas the reduction of VAT on natural gas will cause a revenue loss of Rs 800 crore, the Budget document said.

Key takeaways:

- Economy is set to grow by 12.1% during 2022-23. During the covid pandemic, it was 8%

- Revenue receipts are estimated at Rs 4,03,427 crores and revenue expenditure at Rs 4,27,780 crores, resulting in revenue deficit of Rs 24,353 crores

- Stamp duty on Gold will be scrapped, bringing down the present Gold rates

- Tax on natural gas will be brought down to 3% from the present 13.5%. CNG rates likely to come down after that

- State income will increase to 2 lakh 25000 cr during 2022-23

- Indrayani medicity will be established on 300 acres of land near Pune along with Telemedicine hospitals established in each district

- No relaxation in tax on petrol and diesel

- Rs 100 crore sanctioned for a music school dedicated to Lata Mangeshkar in Mumbai University

- The total debt stock of Maharashtra is expected to be Rs 6,15,170 crore, which is 19.2 percent of the Gross State Domestic Product (GSDP) according to the Economy Survey for 2021-22 tabled in the state legislature on Thursday

(With Agency Inputs)