Maharashtra Budget 2024-25: Key Highlights and Major Infrastructure Projects

Deputy Chief Minister and Finance Minister Ajit Pawar, on Tuesday, February 27, presented the Maharashtra Interim Budget for the fiscal year 2024-25. With a total expenditure outlay of INR 6,00,522 Crore, the budget aims to foster a trillion-dollar economy by 2028.

The estimated revenue receipts amount is proposed at INR 4,98,758 Crore, whereas the revenue expenditure is at INR 5,08,492 Crore. With the revenue deficit at INR 9,734 crore, which is approximately 2.32% of the total, the Maharashtra interim budget aims to provide infrastructure and welfare across various segments of society.

Here’s a quick overview of all the major announcements.

Also Read: Interim Budget 2024-25: A Glimpse into Bharat’s Prosperous Future

Highlights of Maharashtra Budget – 2024

KEY ANNOUNCEMENTS:

A scheme has been approved to provide capital subsidies for setting up small-scale textile industry complexes. 18 small-scale textile industry complexes will be established in the state, expected to generate around 36,000 new jobs.

Meanwhile, a substantial provision of INR 15,554 Crore has been allotted for railway projects in the Interim Budget for FY2024-25.

Furthermore, 10 Hi-Tech mega industrial units from the thrust sector will be given pioneer industry status with additional special incentives. This will result in an investment of INR 1 Lakh-Crore and 20,000 jobs.

Also, Five industrial parks will be set up to increase exports.

MAJOR PROJECTS:

Road Transport & Infrastructure

Maharashtra State Infrastructure Development Corporation (MSIDC) has been established to implement projects in 22 infrastructure development sectors such as roads, ports, airports, railways, metros and electricity. This corporation will undertake road works of 7,500 Km length under the Annuity Scheme Part-2.

Furthermore, an outlay of INR 10,629 Crore is proposed under scheme expenditure for the Urban Development Department and INR 19,936 Crore for the Public Works (Roads) Department for FY2024-25.

• Twin Tunnel Road: The Prime Minister on January 12, laid the foundation stone for the construction of twin tunnels on the coastal road. The estimated construction cost of the project is INR 8,700 Crore. The 9.2 km long underground tunnel road further connects the Eastern Freeway from Orange Gate to Marine Drive.

• An amount of INR 22,225 Crore for the Virar-Alibag Multimodal Corridor, INR 10,519 Crore for Pune Ring Road, whereas INR 2,886 Crore for the Jalna-Nanded expressway is being raised for land acquisition.

• In Konkan, three of the nine major bridges on the coastal highway between Rewas in Raigad district and Reddi in Sindhudurg district were given administrative approval. These projects are at the tender stage.

• Moreover, land acquisition for new railway lines Kalyan-Murbad, Pune-Nashik and Solapur-Tuljapur-Dharashiv is in progress.

Port

• Vadhvan Port: The Vadhvan port is proposed to be developed as a satellite port of JNPT (Jawaharlal Nehru Port Trust) to boost the state’s economy. The total cost of this project is INR 76,220 Crore, whereas Maharashtra Maritime Board has 26% equity.

• The development work of ports namely Bhagwati in Ratnagiri District, Sea Fort Janjira in Raigad District as well as Elephanta near Mumbai, at INR 300 Crore, INR 111 Crore and INR 88 Crore, respectively has been undertaken.

• Additionally, INR 578.45 Crore has been sanctioned for land acquisition for the expansion of Chhatrapati Sambhajinagar Airport.

Healthcare

• The cabinet has also approved to establish new Government Medical Colleges of 100 seats and affiliated 430-bed hospitals at Washim, Jalna, Hingoli, Amravati, Bhandara, Gadchiroli, Wardha, Buldhana, Palghar, Nashik and Ambernath in Thane district.

• The budget also outlines the government’s plan to set up an All India Institute of Medical Sciences-AIIMS at Aundh, Pune, on the lines of Nagpur.

Miscellaneous

• A world-class Skywalk Project, with an estimated cost of INR 333.56 Crore will be constructed at Lonavala in the Pune district.

• Proposals will be invited from international architects for the redevelopment of Government buildings at Mantralaya and surrounding areas with state-of-the-art facilities.

• Moreover, approval has been given to set up 10 additional Family Courts, 5 District and Additional Sessions Courts, 5 Civil Courts and 2 Village Courts in the State.

• Maharashtra Bhavan‘s guest houses will be constructed in Srinagar as well as Ayodhya, where a new Ram temple has come up, to provide facilities for visitors.

• Additionally, a Development Plan of nearly INR 270 Crore has been approved to build a monument at the Sacrifice place of ‘Swarajrakshak Chhatrapati Sambhaji Maharaj’ at Tulapur and Samadhi site at Vadhu Budruk, in the Pune district.

SECTOR-WISE BUDGET ALLOCATION:

AMRUT 2.0 – sanctioned 312 projects – INR 28,315 Crore

Tribal Development Department – INR 15,360 Crore

Energy Department – INR 11,934 Crore

Rural Development Department – INR 9,280 Crore

Mukhya Mantri Gramsadak Yojana – Upgradation of Rural Roads – INR 7,600 Crore

Home (Transport & Ports) Department – INR 4,094 Crore

Water Supply and Sanitation Department – INR 3,875 Crore

School Education Department – INR 2,959 Crore

Medical Education and Drugs Department – INR 2,574 Crore

Higher and Technical Education Department – INR 2,098 Crore

Public Works (Building) Department – INR 1,367 Crore

Housing Department – INR 1,347 Crore

Industry Department – INR 1,021 Crore

Information Technology Department – INR 920 Crore

Sports Department – INR 537 Crore

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Source: Part-I (Speech) (English).pdf (mahakosh.gov.in)

Also Read:

BMC Budget 2024-25: Key Highlights and Major Projects

Tamil Nadu Budget 2024-25: Key Highlights & Major Infra Projects

Leading voices share their thoughts on the Interim Budget 2024

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Disclaimer: The information in this article is gathered using data from Biltrax Construction Data’s proprietary platform. This article uses feature images that may not represent the project however, they are merely for illustration purposes.