Mumbai, March 7 (NationPress) The Shiv Sena (Uddhav Balasaheb Thackeray) issued a serious warning on Saturday concerning the state's alarming financial situation.

"Maharashtra is currently facing a staggering debt burden estimated between Rs 9.5 to Rs 10 lakh crore," the party noted.

In the context of the annual budget presented by Chief Minister Devendra Fadnavis in the state Assembly on Friday, which he dedicated to the late former Deputy Chief Minister Ajit Pawar, the party criticized the absence of financial discipline in the current fiscal proposal.

The editorial in the Thackeray camp’s mouthpiece, Saamana, stated, "The tendency to 'celebrate festivals on borrowed money' has severely undermined the economic discipline of the state. Given the reported depletion of the state treasury, it raises concerns about how such extravagant announcements will be financed. While the Chief Minister showered the state with promises, reminiscent of a 'rain of announcements,' the grim economic reality suggests that this budget might lead to more disenchantment than progress. Fadnavis presented a long-term vision for enhancing Maharashtra's 'infrastructure' by 2047, which appears more like a 'mirage of dreams' rather than a solution to the urgent economic challenges of 2026."

There is a well-known adage: "When the Lord gives with a thousand hands, how much can you take with only two?" Looking at the Chief Minister's budget speech, filled with a multitude of schemes, proposals, and declarations, one wonders if the citizens of Maharashtra will have enough hands to grasp them. However, the editorial pointed out that the state treasury is empty.

The editorial queried where the state government plans to source funds for this "rain of announcements." It pointed out that the government allocates a staggering Rs 64,000 crore solely for interest payments.

"When we compare the total debt to the population, it translates to a debt burden of Rs 82,000 for each citizen of Maharashtra. The state seems to inch closer to economic insolvency with each passing day. The practice of 'celebrating festivals on borrowed money' has shattered the economic discipline of the state," the Thackeray camp expressed.

"Under these circumstances, this budget has been a letdown in terms of reshaping a faltering economy. While the Chief Minister promised the creation of millions of jobs via the 'Invest Maharashtra' initiative, the government must provide a transparent 'report card' on these job opportunities," the Thackeray camp remarked.

On a positive note, the editorial acknowledged the announcement of loan waivers for farmers. Fulfilling a campaign promise, the Chief Minister unveiled a loan waiver scheme named after Punyashlok Ahilyadevi Holkar.

"However, this does not represent a full debt buyout. The scheme allows for a waiver of up to Rs 2 lakh for farmers whose crop loans were overdue as of September 30, 2025, alongside an incentive subsidy of Rs 50,000 for farmers who repay their loans on time. While this is a commendable initiative, the government must ensure that officials do not leave farmers confused with 'eligible' and 'ineligible' criteria during the implementation phase," it added.

The Shiv Sena (UBT) referred to the Chief Minister's assertion that the government has pinpointed four pillars to enhance Maharashtra's development: Progressive, Sustainable, Inclusive, and Good Governance, but criticized it as merely a "carrot."