The Chief Minister of Maharashtra, Mr Devendra Fadnavis, presented the Budget for the financial year 2026-27 on March 6, 2026.

Budget Highlights

• The Gross State Domestic Product (GSDP) of Maharashtra for 2026-27 (at current prices) is projected to be Rs 54,08,594 crore, amounting to growth of 6% over the previous year. 

• Expenditure (excluding debt repayment) in 2026-27 is estimated to be Rs 7,69,467 crore, an increase of 2% over the revised estimate of 2025-26.  In addition, debt of Rs 64,526 crore will be repaid by the state.

• Receipts (excluding borrowings) for 2026-27 are estimated to be Rs 6,18,976 crore, an increase of 2% over the revised estimate of 2025-26. 

• Revenue deficit in 2026-27 is estimated to be 0.7% of GSDP (Rs 40,552 crore), similar to 2025-26 (0.7% of GSDP as per revised estimates). 

• Fiscal deficit for 2026-27 is targeted at 2.8% of GSDP (Rs 1,50,491 crore).  In 2025-26, as per the revised estimates, fiscal deficit is expected to be 3% of GSDP, higher than the budgeted (2.8% of GSDP).

Policy Highlights

• Farm loan waiver:  Loan waiver of up to two lakh rupees has been announced for farmers with overdue crop loans as of September 2025.  Farmers who regularly repay loans will receive an incentive of up to Rs 50,000.

• Taxes on vehicles:  A 16% motor vehicle tax concession is proposed for scrapping vehicles with BS-4 and above emission norms.  A 30% concession is proposed for scrapping BS-3 and older vehicles when purchasing new ones.  Environmental tax on private vehicles with BS-4 and older emission norms will be doubled. 

• Stamp duty:  The fine for executing instruments with insufficient stamp duty under the Maharashtra Stamp Act is proposed to be increased from Rs 5,000 to up to one lakh rupees.

• Land title reform:  The Maharashtra Land Title Bill will be introduced to reduce property disputes, prevent malpractices in property transfers, and protect property rights.

• Waterway expansion:  The Mumbai Metropolitan Region waterway network will be expanded from 125 km to 340 km, aiming to raise annual passengers from 1.6 crore to 7.4 crore by 2031.

• Technology:  A cyber security policy will be implemented under the Viksit Maharashtra-2047 vision.  An advanced state data centre is proposed to be set up in Nagpur to secure government data and applications.

• Single women policy:  A policy for single women will be formulated after analysing data from an ongoing state-wide survey on single women.  

Maharashtra’s Economy GSDP:  In 2024-25, Maharashtra’s GSDP (at constant prices) is estimated to grow by 7.3% over the previous year.  In comparison, India’s GDP is estimated to grow by 6.5% in 2024-25. Sectors:  In 2024-25, agriculture, manufacturing, and services sectors are estimated to contribute 13%, 24%, and 63% of Maharashtra’s economy, respectively (at current prices). Per capita GSDP:  In 2024-25, Maharashtra’s per capita GSDP (at current prices) is estimated to be    Rs 3,61,308, an increase of 11% over the previous year.  In 2024-25, India’s per capita GDP is estimated to be Rs 2,34,859, an increase of 9% over the previous year.

Figure 1: Growth in Maharashtra’s GSDP at constant prices (2011-12) Note: These numbers are as per constant prices (2011-12) which implies that the growth rate is adjusted for inflation. Sources: Maharashtra State Economic Survey 2025-26; PRS.

• Total expenditure (excluding debt repayment) in 2026-27 is targeted at Rs 7,69,467 crore.  This is an increase of 2% over the revised estimate of 2025-26.  This expenditure is proposed to be met through receipts (excluding borrowings) of Rs 6,18,976 crore and net borrowings of Rs 1,27,543 crore.  Total receipts for 2026-27 (excluding borrowings) are expected to register an increase of 2% over the revised estimate of 2025-26.

• In 2025-26, expenditure (excluding debt repayment) is estimated to be 8% higher than budgeted.  Receipts (excluding borrowings) are estimated to be 7% higher than budgeted.

• The state estimates a revenue deficit of 0.7% of GSDP (Rs 40,552 crore) in 2026-27, similar to 2025-26 (0.7% of GSDP as per the revised estimates). 

• Fiscal deficit for 2026-27 is targeted at 2.8% of GSDP (Rs 1,50,491 crore), lower than the revised estimates for 2025-26 (3% of GSDP).  In 2025-26, fiscal deficit is estimated to be higher than the budgeted estimate (2.8% of GSDP).

Table 1: Budget 2026-27 - Key figures (in Rs crore)

Items	2024-25 Actuals	2025-26 Budgeted	2025-26 Revised	% change from 2025-26 BE to 2025-26 RE	2026-27 Budgeted	% change from 2025-26 RE to 2026-27 BE
Total Expenditure	6,48,615	7,57,576	8,13,476	7%	8,33,993	3%
(-) Repayment of debt	41,806	57,556	57,556	0%	64,526	12%
Net Expenditure (E)	6,06,810	7,00,020	7,55,920	8%	7,69,467	2%
Total Receipts	6,26,247	7,19,189	7,98,108	11%	8,11,045	2%
(-) Borrowings	1,43,635	1,55,403	1,93,723	25%	1,92,069	-1%
of which central capex loans*	8,063	7,803	11,535	48%	9,725	-16%
Net Receipts (R)	4,82,601	5,63,786	6,04,384	7%	6,18,976	2%
Fiscal Deficit (E-R)	1,24,209	1,36,235	1,51,536	11%	1,50,491	-1%
as % of GSDP	2.7%	2.8%	3.0%		2.8%
Revenue Deficit	29,995	45,891	37,055	-19%	40,552	9%
as % of GSDP	0.6%	0.9%	0.7%		0.7%
Primary Deficit	70,754	71,576	89,505	25%	80,436	-10%
as % of GSDP	1.5%	1.4%	1.8%		1.5%
GSDP	46,22,138	49,39,355	51,00,597	3%	54,08,594	6%

Note: BE is Budget Estimates; RE is Revised Estimates.  *Central government has been providing 50-year interest-free loans to state governments for capital expenditure since 2020-21.  These loans are excluded from the calculation of the state's borrowing ceiling.
Sources: Annual Financial Statement, Maharashtra Budget Documents 2026-27; PRS.

Mukhyamantri Mazi Ladaki Bahin Yojana In 2024-25, the state launched the Mukhyamantri Mazi Ladaki Bahin Yojana, a cash transfer scheme under which eligible women receive Rs 1,500 every month. The scheme has been allocated Rs 26,500 crore for 2026-27, a decrease of 31% from the revised estimate for 2025-26 (Rs 38,310 crore).  In 2024-25, as per actuals, the expenditure towards this scheme was Rs 33,237 crore.  In 2026-27, allocation toward this scheme is 3.4% of total expenditure of the state. Sources: Demands of Women and Child Development, Social Justice and Special Assistance, and Tribal Development Departments, Maharashtra State Budget Documents 2026-27; PRS.

• Revenue expenditure for 2026-27 is proposed to be Rs 6,56,651 crore, an increase of 3% over the revised estimate of 2025-26.  This includes the expenditure on salaries, pension, interest, grants, and subsidies.

• Capital outlay for 2026-27 is proposed to be Rs 97,498 crore, roughly same as the revised estimate of 2025-26.  Capital outlay indicates the expenditure towards creation of assets. 

• In 2026-27, loans and advances by the state are expected to be Rs 15,318 crore, a decrease of 21% from the revised estimate of 2025-26 (Rs 19,417 crore).  This is driven by a decrease in loans and advances to cooperation and urban development sectors.

Table 2: Expenditure budget 2026-27 (in Rs crore)

Items	2024-25 Actuals	2025-26 Budgeted	2025-26 Revised	% change from 2025-26 BE to 2025-26 RE	2026-27 Budgeted	% change from 2025-26 RE to 2026-27 BE
Revenue Expenditure	5,11,901	6,06,855	6,38,544	5%	6,56,651	3%
Capital Outlay	82,773	84,457	97,959	16%	97,498	0%
Loans given by the state	12,135	8,708	19,417	123%	15,318	-21%
Net Expenditure	6,06,810	7,00,020	7,55,920	8%	7,69,467	2%

Sources:  Annual Financial Statement, Maharashtra Budget Documents 2026-27; PRS.

Committed expenditure: Committed expenditure of a state typically includes expenditure on payment of salaries, pension, and interest.  A larger proportion of the budget allocated for committed expenditure items limits the state’s flexibility to decide on other expenditure priorities, such as capital outlay.  In 2026-27, Maharashtra is estimated to spend Rs 3,38,385 crore on committed expenditure, which is 55% of its estimated revenue receipts.  This comprises spending on salaries (29% of revenue receipts), pension (15%), and interest payments (11%).  In 2024-25, as per actual figures, 52% of revenue receipts were spent on committed expenditure items.

Table 3: Committed Expenditure in 2026-27 (in Rs crore)

Items	2024-25 Actuals	2025-26 Budgeted	2025-26 Revised	% change from 2025-26 BE to 2025-26 RE	2026-27 Budgeted	% change from 2025-26 RE to 2026-27 BE
Salaries	1,37,124	1,72,760	1,47,987	-14%	1,75,951	19%
Pension	58,263	75,137	67,279	-10%	92,379	37%
Interest payment	53,455	64,659	62,031	-4%	70,055	13%
Total	2,48,842	3,12,556	2,77,297	-11%	3,38,385	22%

Sources: Annual Financial Statement, Budget in Brief, Maharashtra Budget Documents 2026-27; PRS.

Sector-wise expenditure: The sectors listed below account for 60% of the total expenditure on sectors by the state in 2026-27.  A comparison of Maharashtra’s expenditure on key sectors with that by other states is shown in Annexure 1.

Table 4: Sector-wise expenditure under Maharashtra Budget 2026-27 (in Rs crore)

Sector	2024-25 Actuals	2025-26 Budgeted	2025-26 Revised	2026-27 Budgeted	% change from 2025-26 RE to 2026-27 BE	Budget Provisions (2026-27 BE)
Education, Sports, Arts, and Culture	90,430	1,06,338	98,644	1,08,467	10%	Rs 10,128 crore has been allocated towards assistance to non-government colleges. Rs 2,608 crore has been allocated towards Samagra Shiksha Abhiyan.
Transport	42,477	43,141	50,623	53,928	7%	Rs 38,699 crore has been allocated towards capital outlay on roads and bridges.
Social Welfare and Nutrition	59,413	58,363	81,015	53,430	-34%	Rs 26,500 crore has been allocated to Mukhyamantri Mazi Ladaki Bahin Yojana
Rural Development	20,798	34,531	38,385	39,294	2%	Rs 4,759 crore has been allocated to the Mahatma Gandhi National Rural Employment Guarantee Scheme.
Agriculture and Allied Activities	42,371	40,748	38,338	39,160	2%	Rs 6,060 crore has been allocated towards Namo Shetkari Mahasanmaan Nidhi Yojana.
Health and Family Welfare	29,880	30,920	44,517	37,456	-16%	Rs 3,824 crore has been allocated toward National Rural Health Mission.
Police	24,034	33,743	26,110	33,700	29%	Rs 21,086 crore has been allocated to the salaries for the district police forces.
Welfare of SC, ST, OBC, and Minorities	26,384	29,070	29,523	32,580	10%	Rs 1,330 crore has been allocated towards Bharat Ratna Dr. Babasaheb Ambedkar Social Development Scheme.
Urban Development	24,074	21,884	37,344	26,277	-30%	Rs 2,800 crore has been allocated as grants to municipal councils under Maharashtra Nagarothan.
Energy	20,065	26,034	37,899	25,215	-33%	Rs 16,824 crore has been allocated as subsidies for concession in energy tariff to agriculture pump consumers.
% of total expenditure on all sectors	64%	61%	65%	60%

Sources: Annual Financial Statement, Maharashtra Budget Documents 2026-27; PRS.

• Total revenue receipts for 2026-27 are estimated to be Rs 6,16,099 crore, an increase of 2% over the revised estimate of 2025-26.  Of this, Rs 4,51,626 crore (73%) will be raised by the state through its own resources, and Rs 1,64,473 crore (27%) will come from the centre.  Resources from the centre will be in the form of state’s share in central taxes (16% of revenue receipts) and grants (11% of revenue receipts).

• State’s own tax revenue:  Maharashtra’s total own tax revenue is estimated to be Rs 4,15,498 crore in 2026-27, an increase of 1% over the revised estimate of 2025-26.  Own tax revenue as a percentage of GSDP is estimated at 7.7% in 2026-27, lower than the revised estimates for 2025-26 (8%).  As per the actual figures for 2024-25, own tax revenue as a percentage of GSDP was 7.5%.

• Devolution:  In 2026-27, the state’s share in central taxes is estimated at Rs 98,363 crore, an increase of 12% over the revised estimate of 2025-26.

• Grants from the centre in 2026-27 are estimated at Rs 66,110 crore, a decrease of 3% over the revised estimates for 2025-26.  In 2025-26, grants from the centre are estimated to be 35% higher than budgeted.  This is driven by a higher receipt estimated as finance commission grants (Rs 23,894 crore) compared to the initial budget estimate (Rs 12,623 crore).

Table 5: Break-up of the state government’s receipts (in Rs crore)

Items	2024-25 Actuals	2025-26 Budgeted	2025-26 Revised	% change from 2025-26 BE to 2025-26 RE	2026-27 Budgeted	% change from 2025-26 RE to 2026-27 BE
State's Own Tax	3,44,998	3,87,544	4,09,440	6%	4,15,498	1%
State's Own Non-Tax	22,284	33,052	35,992	9%	36,128	0.4%
Share in Central Taxes	81,293	89,856	88,057	-2%	98,363	12%
Grants-in-aid from Centre	33,331	50,511	68,001	35%	66,110	-3%
Revenue Receipts	4,81,906	5,60,964	6,01,489	7%	6,16,099	2%
Non-debt Capital Receipts	694	2,822	2,895	3%	2,877	-1%
Net Receipts	4,82,601	5,63,786	6,04,384	7%	6,18,976	2%

Note: BE is Budget Estimates; RE is Revised Estimates.
Sources: Annual Financial Statement, Maharashtra Budget Documents 2026-27; PRS.

Transfers to Local Bodies In 2023-24, Maharashtra transferred a total of Rs 95,218 crore to local bodies, comprising Rs 42,463 crore (45%) to rural local bodies (RLBs) and Rs 52,755 crore (55%) to Urban Local Bodies (ULBs). Together, these transfers accounted for 22% of the state’s revenue receipts in that year.  CAG (2022) noted that 15 out of 29 functions referred to in the Constitution, were devolved to rural local bodies, whereas all 18 functions were devolved to urban local bodies.  While ULBs had full jurisdiction in respect of 10 functions, RLBs did not have full jurisdiction in respect of any function.  RLBs act as implementing agencies with respect to 10 functions.  CAG observed that RLBs have limited role in discharging their functions and it was not consistent with the spirit of devolution.  CAG also highlighted delays in submission of accounts and utilisation certificates, as well as weaknesses in internal controls, which affect financial reporting and oversight. Source: Annual Technical Inspection Report on Local Bodies for the year ended 31 March 2022, CAG; Report No. 3 of 2025, State Finances Audit Report for 2023-24, CAG, PRS.

• In 2026-27, State GST is estimated to be the largest source of own tax revenue (45% share).  State GST revenue is estimated to increase by 2% over the revised estimates of 2025-26.

• Revenue from Sales tax/ VAT in 2026-27 is expected to be roughly same as the revised estimate for 2025-26. 

• Revenue from state excise is estimated to register an increase of 3% in 2026-27 over the revised estimate of 2025-26. 

• Revised estimates for all major own-tax revenue sources for 2025-26 are higher than budget estimates for the year.

Table 6:  Major sources of state’s own-tax revenue (in Rs crore)

Head	2024-25 Actuals	2025-26 Budgeted	2025-26 Revised	% change from 2025-26 BE to 2025-26 RE	2026-27 Budgeted	% change from 2025-26 RE to 2026-27 BE
State GST	1,63,151	1,76,119	1,82,850	4%	1,87,095	2%
Sales Tax/ VAT	58,936	70,375	75,061	7%	75,113	0%
Stamps Duty and Registration Fees	59,150	63,500	68,033	7%	68,600	1%
State Excise	25,466	32,575	34,170	5%	35,183	3%
Taxes and Duties on Electricity	13,887	16,016	17,538	10%	17,568	0%
Taxes on Vehicles	14,715	15,606	17,089	10%	17,167	0%
Land Revenue	3,855	5,500	6,023	10%	6,050	0%

Sources: Annual Financial Statement, Maharashtra Budget Documents 2026-27; PRS.

The Maharashtra Fiscal Responsibility and Budget Management Act, 2005 provides annual targets to progressively reduce the outstanding liabilities, revenue deficit and fiscal deficit of the state government.

Revenue balance:  It is the difference of revenue expenditure and revenue receipts.  A revenue deficit implies that the government needs to borrow to finance those expenses which do not increase its assets or reduces its liabilities.  The budget estimates a revenue deficit of Rs 40,552 crore (0.7% of the GSDP) in 2026-27.  Maharashtra has incurred a revenue deficit in all years since 2022-23.  The FRBM statement projects a revenue deficit in upcoming years 2027-28 and 2028-29.

Fiscal deficit:  It is the excess of total expenditure over total receipts.  This gap is filled by borrowings and leads to an increase in total liabilities.  In 2026-27, the fiscal deficit is estimated to be 2.8% of GSDP (Rs 1,50,491 crore).  The 16^th Finance Commission has recommended the annual fiscal deficit limit for states to be 3% of GSDP for the 2026-31 period.  50-year interest free loans for capital expenditure given by the central government will be excluded to arrive at the borrowing ceiling.  In 2026-27, receipt from central capex loans is budgeted at Rs 9,725 crore (0.2% of GSDP).

As per the revised estimates, in 2025-26, the fiscal deficit of the state is expected to be 3% of GSDP.  This is higher than the budget estimate (2.8% of GSDP).

Outstanding liabilities:  Outstanding liabilities is the accumulation of total borrowings at the end of a financial year.  It also includes any liabilities on public accounts such as provident funds.  At the end of 2026-27, outstanding liabilities is estimated to be 20.4% of GSDP, higher than the revised estimate for 2025-26 (19.1% of GSDP).

Figure 2: Revenue and Fiscal Balance (% of GSDP)     Note: *Figures from 2027-28 onwards are projections.  RE is Revised Estimates; BE is Budget Estimates.  (+) indicates a surplus and (-) indicates a deficit. Sources: Medium Term Fiscal Policy, Maharashtra Budget Documents 2026-27; PRS.

Figure 3: Outstanding liabilities (as % of GSDP) Note: *Figures from 2027-28 onwards are projections.   RE is Revised Estimates; BE is Budget Estimates.  Sources: Medium Term Fiscal Policy, Maharashtra Budget Documents 2026-27; PRS.

Outstanding Government Guarantees:  Outstanding liabilities of states do not include a few other liabilities that are contingent in nature, which states may have to honour in certain cases.  State governments guarantee the borrowings of State Public Sector Enterprises (SPSEs) from financial institutions.  As of March 31, 2025, the state’s outstanding guarantee is estimated to be Rs 1,29,458 crore, which is 2.8% of Maharashtra’s GSDP.

Shortfall in Payment of Guarantee Fees Maharashtra government charges guarantee fees for giving guarantees, except for certain co-operative societies.  This fee is chargeable at a prescribed rate ranging from 20 paise to two rupees per hundred rupees per annum.  A study commissioned by the 16th Finance Commission noted that the state receives a small proportion of fees as compared to the receivables.  For example, in 2024-25, against the receivable of Rs 4,028 crore, actual receipt was Rs 10 crore (0.2%).  The 12th Finance Commission had recommended that guarantee fees could be converted into a Guarantee Reserve Fund, through which invoked guarantees could be paid.  This would reduce stress on government finances in the event of invocation of guarantee. Source:  Report on Evaluation of State Finances of Maharashtra, submitted to 16th Finance Commission, June 2025; PRS.

Annexure 1:  Comparison of states’ expenditure on key sectors

The graphs below compare Maharashtra’s expenditure in 2026-27 on six key sectors as a proportion of its total expenditure on all sectors.  The average for a sector indicates the average expenditure in that sector by 31 states (including Maharashtra) as per their budget estimates of 2025-26.[1]

• Education: Maharashtra has allocated 14.4% of its expenditure towards education in 2026-27.  This is marginally lower than the average allocation for education by states in 2025-26 (14.5%).

• Health:  Maharashtra has allocated 5.0% of its expenditure towards health in 2026-27.  This is lower than the average allocation for health by states in 2025-26 (6.2%).

• Rural development:  Maharashtra has allocated 5.2% of its expenditure towards rural development in 2026-27.  This is higher than the average allocation for rural development by states in 2025-26 (4.9%).

• Agriculture:  Maharashtra has allocated 5.2% of its expenditure towards agriculture in 2026-27.  This is lower than the average allocation for agriculture by states in 2025-26 (5.7%).

• Roads and bridges:  Maharashtra has allocated 6.3% of its expenditure towards roads and bridges in 2026-27.  This is higher than the average allocation for roads and bridges by states in 2025-26 (4.3%).

• Police:  Maharashtra has allocated 4.5% of its expenditure towards police in 2026-27.  This is higher than the average allocation for police by states in 2025-26 (4.0%).

Note: 2024-25, 2025-26 (BE), 2025-26 (RE), and 2026-27 (BE) figures are for Maharashtra.
Sources: Annual Financial Statement, Maharashtra Budget Documents 2026-27; various state budgets; PRS.

The Report of the 16^th Finance Commission (Chair: Dr. Arvind Panagariya) was tabled in Parliament on February 1, 2026.  The recommendations will apply for the five-year period between 2026-27 and 2030-31.  The 16^th Commission (FC) has recommended the share of states in the divisible pool of central taxes at 41%.  The share remains unchanged from the 15^th Finance Commission award period (2020-26).  Divisible pool is arrived at after excluding cost of collection and cesses and surcharges from the gross tax revenue collected by the central government.  The 16^th FC has proposed a revised criteria to determine the share of individual states.  
See here for a PRS summary of the 16^th Finance Commission Report.  Based on the recommendations of the 16^th FC, Maharashtra will have a 6.44% share in the divisible pool of central taxes for the 2026-31 period.

The 16^th FC has recommended grants worth Rs 9.47 lakh crore over the five-year period.  These comprise grants for: (i) urban and rural local bodies, and (ii) disaster management.  It has discontinued the following grants recommended by the 15^th FC: (i) revenue deficit grants, (ii) sector-specific grants, and (iii) state-specific grants.  Grants recommended for Maharashtra over the 2026-31 period include: (i) Rs 46,803 crore for urban local bodies, (ii) Rs 32,817 crore for rural local bodies, and (iii) Rs 29,619 crore as disaster management grants.  In addition, Pune and Nagpur will be eligible for urban local body grants under the Special Infrastructure Component (up to Rs 5,000 crore each).  States will also receive a one-time grant for merger of peri-urban villages into adjoining larger urban local body with population of one lakh or above.

Table 7: Individual share of states in the taxes devolved by the centre (out of 100) State 14th FC (2015-2020) 15th FC (2021-26) 16th FC (2026-31) Andhra Pradesh 4.31 4.05 4.22 Arunachal Pradesh 1.37 1.76 1.35 Assam 3.31 3.13 3.26 Bihar 9.67 10.06 9.95 Chhattisgarh 3.08 3.41 3.30 Goa 0.38 0.39 0.37 Gujarat 3.08 3.48 3.76 Haryana 1.08 1.09 1.36 Himachal Pradesh 0.71 0.83 0.91 Jammu and Kashmir 1.85 - - Jharkhand 3.14 3.31 3.36 Karnataka 4.71 3.65 4.13 Kerala 2.50 1.93 2.38 Madhya Pradesh 7.55 7.85 7.35 Maharashtra 5.52 6.32 6.44 Manipur 0.62 0.72 0.63 Meghalaya 0.64 0.77 0.63 Mizoram 0.46 0.50 0.56 Nagaland 0.50 0.57 0.48 Odisha 4.64 4.53 4.42 Punjab 1.58 1.81 2.00 Rajasthan 5.50 6.03 5.93 Sikkim 0.37 0.39 0.34 Tamil Nadu 4.02 4.08 4.10 Telangana 2.44 2.10 2.17 Tripura 0.64 0.71 0.64 Uttar Pradesh 17.96 17.94 17.62 Uttarakhand 1.05 1.12 1.14 West Bengal 7.32 7.52 7.22

Table 8: State-wise details of grants-in-aid for 2026-31 (in Rs crore) State Rural Local Bodies Urban Local Bodies Disaster Management Andhra Pradesh  16,627  12,158  6,125 Arunachal Pradesh  1,698  233  616 Assam  14,580  3,249  5,243 Bihar  51,923  9,169  13,615 Chhattisgarh  11,664  4,990  2,481 Goa  174  726  112 Gujarat  18,802  23,764  8,459 Haryana  8,270  7,834  2,922 Himachal Pradesh  3,744  435  2,682 Jharkhand  14,231  6,093  2,806 Karnataka  18,889  18,483  6,419 Kerala  3,308  16,683  1,935 Madhya Pradesh  32,033  16,016  11,697 Maharashtra  32,817  46,803  29,619 Manipur  1,262  609  259 Meghalaya  1,479  377  437 Mizoram  567  377  284 Nagaland  697  667  408 Odisha  18,715  5,078  8,900 Punjab  8,486  7,834  2,477 Rajasthan  31,467  12,680  9,211 Sikkim  218  203  455 Tamil Nadu  16,930  25,069  8,486 Telangana  9,968  11,548  2,774 Tripura  1,176  1,016  356 Uttar Pradesh 83,261 33,543 15,321 Uttarakhand 4,047 2,497 4,954 West Bengal 28,203 22,023 6,869

Sources:  Reports of the 14^th, 15^th, and 16^th Finance Commission; PRS.

Table 9:  Taxes devolved to states as per Union Budget 2026-27 (in Rs crore)

State	2024-25 Actuals	2025-26 Revised	2026-27 Budgeted
Andhra Pradesh	51,564	56,374	64,362
Arunachal Pradesh	22,386	24,475	20,665
Assam	39,855	43,572	49,725
Bihar	1,28,151	1,40,105	1,51,832
Chhattisgarh	43,409	47,459	50,427
Goa	4,918	5,377	5,571
Gujarat	44,314	48,448	57,311
Haryana	13,926	15,225	20,772
Himachal Pradesh	10,575	11,562	13,950
Jharkhand	42,135	46,066	51,236
Karnataka	46,467	50,802	63,050
Kerala	24,527	26,815	36,355
Madhya Pradesh	1,00,019	1,09,348	1,12,134
Maharashtra	80,486	87,994	98,306
Manipur	9,123	9,974	9,554
Meghalaya	9,773	10,684	9,631
Mizoram	6,371	6,965	8,608
Nagaland	7,250	7,926	7,341
Odisha	57,692	63,074	67,460
Punjab	23,023	25,171	30,464
Rajasthan	76,779	83,940	90,446
Sikkim	4,944	5,405	5,113
Tamil Nadu	51,971	56,819	62,531
Telangana	26,782	29,280	33,181
Tripura	9,021	9,862	9,783
Uttar Pradesh	2,28,565	2,49,885	2,68,911
Uttarakhand	14,245	15,573	17,415
West Bengal	95,852	1,04,793	1,10,119
Total	12,74,121	13,92,971	15,26,255

Note: Actuals for 2024-25 and Revised Estimates for 2025-26 have been reported in the Union Budget after adjusting for excess or less devolution in previous years.
Sources: Union Budget Documents 2026-27; PRS.

The following tables compare the actuals of 2024-25 with budget estimates for that year.

Table 10: Overview of Receipts and Expenditure (in Rs crore)

Particular	2024-25 BE	2024-25 Actuals	% change from BE to Actuals
Net Receipts (1+2)	5,01,938	4,82,601	-4%
1. Revenue Receipts (a+b+c+d)	4,99,463	4,81,906	-4%
a. Own Tax Revenue	3,43,040	3,44,998	1%
b. Own Non-Tax Revenue	26,775	22,284	-17%
c. Share in central taxes	76,932	81,293	6%
d. Grants-in-aid from the Centre	52,715	33,331	-37%
2. Non-Debt Capital Receipts	2,475	694	-72%
3. Borrowings	1,37,470	1,43,635	4%
Of which central capex loans	5,450	8,063	48%
Net Expenditure (4+5+6)	6,12,293	6,06,810	-1%
4. Revenue Expenditure	5,19,514	5,11,901	-1%
5. Capital Outlay	85,292	82,773	-3%
6. Loans and Advances	7,487	12,135	62%
7. Debt Repayment	57,198	41,806	-27%
Revenue Deficit	20,051	29,995	50%
Revenue Deficit (as % of GSDP)	0.47%	0.65%	-
Fiscal Deficit	1,10,357	1,24,209	13%
Fiscal Deficit (as % of GSDP)	2.59%	2.69%	-
GSDP	42,67,771	46,22,138	8%

Source: Maharashtra Budget Documents of various years; PRS.

Table 11: Key Components of State's Own Tax Revenue

Head	2024-25 BE	2024-25 Actuals	% change from BE to Actuals
State Excise	30,500	25,466	-17%
Sales Tax/ VAT	62,500	58,936	-6%
Taxes and Duties on Electricity	14,180	13,887	-2%
Taxes on Vehicles	14,875	14,715	-1%
State GST	1,55,756	1,63,151	5%
Stamps Duty and Registration Fees	55,000	59,150	8%
Land Revenue	3,000	3,855	29%

Source: Maharashtra Budget Documents of various years; PRS.

Table 12: Allocation towards Key Sectors

Sector	2024-25 BE	2024-25 Actuals	% change from BE to Actuals
Housing	7,221	3,144	-56%
Police	29,338	24,034	-18%
Water Supply and Sanitation	7,091	5,818	-18%
Rural Development	23,782	20,798	-13%
Irrigation and Flood Control	21,428	19,269	-10%
Education, Sports, Arts, and Culture	98,985	90,430	-9%
Welfare of SC, ST, OBC, and Minorities	26,967	26,384	-2%
Transport	43,365	42,477	-2%
of which Roads and Bridges	37,898	39,089	3%
Urban Development	22,759	24,074	6%
Health and Family Welfare	27,748	29,880	8%
Agriculture and Allied Activities	35,859	42,371	18%
Energy	13,635	20,065	47%
Social Welfare and Nutrition	32,754	59,413	81%

Source: Maharashtra Budget Documents of various years; PRS.