Maharashtra Budget 2024-25: Key Announcements for Competitive Exam Preparation

Historical Context: The Maharashtra Budget 2024-25 was presented in the backdrop of the upcoming Maharashtra Assembly elections scheduled for October. This budget session is crucial as it sets the economic and social agenda for the state, reflecting the government’s priorities and commitments. Historically, budget announcements before elections often include populist measures aimed at garnering public support.

Key Announcements:

1. Chief Minister Annapurna Yojana:

   • Free LPG Cylinders: The Maharashtra government will provide three free LPG cylinders annually to eligible families. This initiative aims to alleviate the financial burden on households and promote cleaner cooking fuel.
   • Eligibility: 52.4 lakh families in the state will benefit from this scheme.

2. Chief Minister Majhi Ladki Behen Yojana:

   • Financial Assistance for Women: A monthly allowance of Rs 1500 will be provided to eligible women aged 21 to 60 years. This scheme will commence in July with an annual budget allocation of Rs 46,000 crore.

3. Reduction in Fuel Prices:

   • Petrol and Diesel: The tax on diesel in Mumbai has been reduced from 24% to 21%, decreasing the price by Rs 2 per liter. Similarly, the tax on petrol has been reduced from 26% to 25%, reducing the price by 65 paise per liter.

4. Compensation for Animal Attack Victims:

   • Increased Financial Assistance: The compensation for deaths due to animal attacks has been increased from Rs 20 lakh to Rs 25 lakh.

5. Support for Farmers and Milk Producers:

   • Bonuses: Farmers will receive a bonus of Rs 5000 per hectare for cotton and soybean crops. Milk producers will continue to receive a bonus of Rs 5 per liter beyond July 1, 2024.

6. Pink E-Rickshaw Scheme:

   • Financial Aid for Women: 10,000 women from 17 cities will receive financial assistance to purchase e-rickshaws. An allocation of Rs 80 crore has been proposed for this scheme.

7. Shubh Mangal Mass Marriage Registration Scheme:

   • Increased Financial Support: The financial assistance for women under this scheme has been increased from Rs 10,000 to Rs 25,000.

Economic Review:

• Growth Rate: Maharashtra’s economic growth rate for 2023-24 was 7.6%, matching the national GDP growth rate.
• GSDP: The Gross State Domestic Product (GSDP) at current prices for 2023-24 was Rs 40,44,251 crore.
• Per Capita Income: The per capita state income for 2022-23 was Rs 2,52,389, up from Rs 2,19,573 in the previous year.
• Sectoral Growth: Agriculture and related sectors grew by 1.9%, industry by 7.6%, and the service sector by 8.8%.
• Fiscal Metrics: The fiscal deficit was 2.8% of GSDP, and the revenue deficit was 0.5%.

Summary in Bullet Points:

• Three free LPG cylinders annually for eligible families under Chief Minister Annapurna Yojana.
• Monthly allowance of Rs 1500 for women aged 21-60 under Chief Minister Majhi Ladki Behen Yojana.
• Reduction in fuel taxes: Diesel tax reduced to 21%, petrol tax reduced to 25%.
• Increased compensation for animal attack deaths to Rs 25 lakh.
• Bonuses for farmers: Rs 5000 per hectare for cotton and soybean, Rs 5 per liter for milk producers.
• Financial aid for 10,000 women to buy e-rickshaws under Pink E-Rickshaw Scheme.
• Increased financial support for Shubh Mangal Mass Marriage Registration Scheme to Rs 25,000.
• Maharashtra’s economic growth rate for 2023-24 was 7.6%.
• GSDP at current prices for 2023-24 was Rs 40,44,251 crore.
• Per capita income for 2022-23 was Rs 2,52,389.
• Sectoral growth: Agriculture (1.9%), Industry (7.6%), Services (8.8%).
• Fiscal deficit at 2.8% of GSDP, revenue deficit at 0.5%.