Maharashtra’s public debt stock is expected to increase to Rs 8,39,275 crore which is 18.52 per cent of the gross state domestic product (GSDP) as per the revised estimate for 2024-25. The debt stock would further increase to a record Rs 9,32,242 crore as per the budget estimate for 2025-26 and it would be 18.87 per cent of the GSDP which is below 25 per cent of the limit proposed by the Fiscal Responsibility and Budget Management Act.
According to the budget documents presented along with the annual budget for 2025-26, Deputy Chief Minister and Finance Minister Ajit Pawar claimed that the government has adhered to the stipulated norms while focusing on fiscal discipline. The debt stock, which was Rs 3,24,202 crore (16.49 per cent of GSDP) in 2015-16 rose to Rs 3,64,819 crore (16.60 per cent) in 2016-17. It further increased to Rs 4,02,402 crore (17.11 per cent) in 2017-18, Rs 4,51,117 crore (16.97 per cent) in 2018-19, Rs 5,19,086 crore (19.89 per cent) in 2019-20, Rs 5,76,868 crore (18.34 per cent) in 2020-21, Rs 6,29,235 crore (17.28 per cent) in 2021-22, Rs 7,18,507 crore in 2023-24. The debt stock rose to Rs 8,39,275 crore (18.52 per cent) in 2024-25 and it is expected to increase to Rs 9,32.242 crore (18.87 per cent) in 2025-26.
Similarly, the revenue deficit has increased to Rs 26,535 crore (0.59 per cent of GSDP) as per the revised budget for 2024-25 against the budget estimate of Rs 20,500 crore and it is expected to increase to Rs 45,891 crore (0.93 per cent) as per the budget estimate for 2025-26. Ajit Pawar said it is also well within the 3 per cent limit of GSDP.
As far as fiscal deficit is concerned, it has surged to Rs 1,32,873 crore (2.93 per cent of GSDP) as per the revised budget of 2024-25 against the budget estimate of Rs 1,10,000 crore. It is expected to increase to Rs 1,36,235 crore (2.76 per cent) as per the budget estimate for 2025-26.
Deputy CM Ajit Pawar said that the government has not crossed the 3 per cent limit as laid down by the Fiscal Responsibility and Budget Management Act. Pawar added that he has avoided making any new announcements but has allocated funds to schemes which will boost the state’s development.
