Scheduled business is both houses could not be taken up due to continuous disruptions.
The Finance Minister of Maharashtra, Mr. Sudhir Mungantiwar, presented the Budget for financial year 2018-19 on March 9, 2018.
Some key observations analysing the budget presented are:
Maharashtra’s economy and sectoral growth: Agriculture contributes 11.9% to the GSDP, industry and services contribute 33.6% and 54.5% respectively. The GSDP is estimated to grow at 7.3% in 2017-18, lower than the 10% growth in 2016-17. The real growth of the agriculture sector is expected to register negative growth at -8.3% in 2017-18 as compared to 22.5% in 2016-17.
Revenue receipts in the form of central grants are expected to fall by 6.2% in 2018-19. On the other hand, the state’s share in central taxes is expected to rise by 16.9% in 2018-19. This is primarily due to an increase in receipts from Integrated Goods and Services Tax (IGST) and Corporation Tax.
Maharashtra witnessed an increase in tax collections during 2017-18. The tax and non-tax revenues (revised estimates) of the state are expected to be more than what was budgeted for in 2017-18 by 7.5% each
Revenue deficit increased from a budgeted target of Rs 4,511 crore to a revised estimate of Rs 14,843 crore (229% increase) in 2017-18. This may be attributed to the excess expenditure in the agriculture (due to farm loan waiver) and energy sectors, and implementation of the 7th Pay Commission Recommendations.