Mumbai, February 10 (NationPress) During their meetings on Tuesday, the Business Advisory Committees of the Maharashtra Legislative Assembly and Council have sanctioned the timeline for the forthcoming budget session of the state legislature, set to take place from February 23 to March 25.

The Chief Minister Devendra Fadnavis, who now oversees the Planning and Finance Departments following the sudden demise of former Deputy Chief Minister Ajit Pawar, is scheduled to unveil the annual budget for 2026-27 on March 6.

The government will also present the Economic Survey for 2025-26 on March 5. Both houses will pay tribute to Ajit Pawar on the first day, February 23, and the government is expected to introduce supplementary demands on the same day.

The BJP-led MahaYuti government aims to challenge the opposition during various discussions, especially after its recent electoral victories across different local bodies, including nagar panchayats and municipal corporations.

The government is projected to outline a more ambitious Vision Document to attain a USD 5 trillion economy under the Viksit Maharashtra 2047 initiative.

As the state public debt surpasses Rs 9.30 lakh crore, the budget for 2026-27 is forecasted with a revenue deficit target of 0.9 percent of GSDP (approximately Rs 45,891 crore).

This indicates a notable rise from 0.6 percent in 2024-25, largely attributed to extensive welfare programs. The fiscal deficit is targeted at 2 percent of GSDP (about Rs 1,36,235 crore), remaining compliant with the Fiscal Responsibility and Budget Management (FRBM) Act's 3 percent threshold.

The Debt-to-GSDP Ratio, historically maintained around 17-18 percent, is expected to stay sustainable but will be closely monitored due to increased borrowing for capital projects.

Committed expenditure consumes around 56 percent of revenue receipts, with salaries accounting for 31 percent, pensions for 13 percent, and interest payments for 12 percent.

The state's fiscal landscape shows consistent GSDP growth, albeit under strain from elevated committed expenditures and new cash-transfer initiatives.

The Gross State Domestic Product (GSDP) is anticipated to reach Rs 49.39 lakh crore, reflecting a 9 percent increase from the prior year (current prices).

Total expenditure is projected at Rs 7,00,020 crore (excluding debt repayment), marking a 4 percent rise compared to the 2024-25 revised estimates.

Furthermore, the government is likely to introduce an action plan aimed at effectively implementing administrative reforms to reduce bureaucratic delays.