Mumbai, March 8 : Despite a sharp economic slump in the wake of the Covid-19 pandemic ravage, fall in revenues and mounting debts, the Maha Vikas Aghadi (MVA)’s second Budget is likely to focus on mobilising resources, further increase health facilities, bolster social initiatives and boost infrastructure.
Deputy Chief Minister and Finance Minister Ajit Pawar will unveil the budget 2021-2022 in the state legislature this afternoon amidst expectations of some relief coming to the people from the spiraling rates of petrol, diesel and cooking gas.
The Shiv Sena-Nationalist Congress Party-Congress has fretted and fumed at the Bharatiya Janata Party-led NDA at the Centre for the fuel prices and Pawar may address the concerns somewhat in his Budget.
The Economic Survey showed that the state’s debt stock has surpassed a whopping Rs 500,000-crore(Rs 5 Lakh-Crore) and stands at Rs 520,717, or 19.6 per cent of the State GDP (GSDP) but well within the GSDP limit of 25 per cent.
Predicting a negative growth of minus 8 per cent during 2020-21, on the lines of the national economy, the Survey said that the state agriculture and allied activities would grow by 11.7 per cent, industry plummeting to minus 11.3 per cent and services sector falling to minus 9 per cent.
The state’s revenue receipts are Rs 347,457 crore for 2020-21, as against Rs 309,881 crore during 2019-20 (Revised Estimates).
The tax and non-tax revenue (including Central grants) for 2020-21 are Rs 273,181 crore and Rs 74,276 crore respectively.
In his address to the Legislature last week, Governor Bhagat Singh Koshyari, had touched upon the state’s financial health and the revenue shortfall.
“Out of the revenue collection target of Rs 3,47,456 crore, the State has collected just Rs 1,88,542 crore at the end of January, 2021.This is 35 per cent less than the budgetary estimate and 21 per cent lower than the collection in the same period in the previous year,” he said
.
