Synopsis
Maharashtra's public debt stock is projected to grow to Rs 8,39,275 crore in 2024-25 and further to Rs 9,32,242 crore in 2025-26, representing 18.87% of the GSDP. The state remains within the fiscal limits set by the Fiscal Responsibility Act, despite rising deficits.Key Takeaways
- Debt stock to reach Rs 9,32,242 crore by 2025-26.
- Public debt is 18.87 percent of GSDP.
- Revenue deficit expected to rise to Rs 45,891 crore.
- Fiscal deficit projected at Rs 1,36,235 crore.
- Government adheres to 3 percent fiscal limit.
Mumbai, March 10 (NationPress) Maharashtra’s public debt stock is on track to reach Rs 8,39,275 crore, which represents 18.52 percent of the gross state domestic product (GSDP) according to the revised estimates for 2024-25. This figure is anticipated to escalate to a historic Rs 9,32,242 crore as per the budget estimates for 2025-26, amounting to 18.87 percent of the GSDP, remaining below the 25 percent threshold established by the Fiscal Responsibility and Budget Management Act.
As outlined in the budget documents accompanying the annual budget for 2025-26, Deputy Chief Minister and Finance Minister Ajit Pawar asserted that the government is committed to maintaining fiscal discipline in accordance with the established guidelines. The debt stock has increased significantly from Rs 3,24,202 crore (16.49 percent of GSDP) in 2015-16 to Rs 7,18,507 crore in 2023-24. It reached Rs 8,39,275 crore (18.52 percent) in 2024-25 and is projected to rise to Rs 9,32,242 crore (18.87 percent) in 2025-26.
Furthermore, the revenue deficit has risen to Rs 26,535 crore (0.59 percent of GSDP) as per the revised budget for 2024-25, exceeding the budget estimate of Rs 20,500 crore. It is forecasted to increase to Rs 45,891 crore (0.93 percent) according to the budget estimates for 2025-26. Ajit Pawar emphasized that this figure remains well within the 3 percent limit of GSDP.
In terms of the fiscal deficit, it has soared to Rs 1,32,873 crore (2.93 percent of GSDP) as per the revised budget for 2024-25, surpassing the budget estimate of Rs 1,10,000 crore. The fiscal deficit is projected to increase to Rs 1,36,235 crore (2.76 percent) based on the budget estimates for 2025-26.
Deputy CM Ajit Pawar reiterated that the government has adhered to the 3 percent limit prescribed by the Fiscal Responsibility and Budget Management Act. He noted that while no new announcements were made, funds have been allocated to initiatives aimed at enhancing the state’s development.
