Maharashtra sets sights on $1 trillion economy, prioritises infrastructure

Finance Minister Ajit Pawar says govt committed to state’s growth and budget has been planned to balance progress and expenditure

The Maharashtra government is aiming to make the state a $1 trillion economy on the lines of Prime Minister Narendra Modi's vision of making India a $5 trillion economy.

Admitting that whenever the government focuses on creating infrastructure, it adds to the financial burden and leads to a rise in deficit, Finance Minister Ajit Pawar said. “When there is good infrastructure—roads, airports and port infrastructure—one can see growth. We are committed to taking Maharashtra on the growth road map and the budget is planned accordingly.”

Ajit Pawar claimed that agriculture, industries, infrastructure and welfare schemes are the priority of the government and the 2025-26 budget was drafted keeping an eye on these sectors.

Ajit Pawar, state finance minister

Replying to the budget discussion, Ajit Pawar slammed the Opposition members for unnecessary comments on the state budget that was presented on March 10. In a veiled attack on Shiv Sena (UBT) leader Uddhav Thackeray, Ajit Pawar said, “Some termed this budget as contractor oriented. Please, let me know how one can complete infrastructure and development work without contractors. I am unable to understand this mentality.”

After the budget discussion, while addressing the media, Uddhav Thackeray termed the state budget as a move to benefit contractors and a disappointment for the common man.

Ajit Pawar even cited the example of the agriculture growth rate. “In 2023-24 the agricultural growth rate was 3.3 per cent, the same in 2024-25 was at 8.7 per cent,” Ajit Pawar replied as many from the Opposition parties alleged that the government had done nothing for farmers. 

“The growth rate in the agricultural sector exhibits how rock solid the Mahayuti (BJP, Shiv Sena-Eknath Shinde camp and Ajit Pawar-led NCP) has stood by the farmers of the state,” Ajit Pawar added.

Reiterating that the borrowings and expenditures were well within the prescribed limits, the finance minister justified the fiscal deficit and total debt stock of the state. According to the 2025-26 budget presented in the state legislature, the government is estimating a debt of Rs 9.32 lakh crore.

Claiming that there are only two ways to keep budget under control—one to increase income and the other is to reduce expenses--Pawar stated that the government did not increase ready reckoner rates or introduce any other major taxes as it did not want to put burden on taxpayers and the common man and at the same time did not impose any curbs on development and infrastructure work. “Fiscal discipline was kept in mind while making the budget,” the finance minister added.

Further, during his reply on the budget discussion, Ajit Pawar gave examples of countries which were experimenting with landing of planes on seawater. “I have seen three runways in the seawater. We too need to move along with the other countries. But, while doing so, it is our duty to take care of the environment. While ensuring growth, we will make sure there is no damage to the environment,” Ajit Pawar added.

Nagpur-Goa E-way will see light of day: Ajit Pawar

Deputy Chief Minister Ajit Pawar is optimistic about the Shaktipeeth Expressway (Nagpur-Goa E-way). On Monday, speaking in the legislative assembly, Pawar said, “The Samruddhi Highway, too, was opposed. But, later, everyone knows what happened [those opposing the project gave their go ahead after getting high and better compensation for land]. I feel the same will happen with the Shaktipeeth Mahamarg, too.” The state finance minister explained how important it is for any state to have developed roads and better infrastructure for growth and better economy. “While I was in the Opposition [with MVA], people informed us [Ajit Pawar and Jayant Patil] about their opposition to the Samruddhi expressway. But, later, those opposing the project gave their consent as compensation for the land was increased,” Ajit Pawar added. The Shaktipeeth Mahamarg, an 802-km-long six-lane Nagpur-Goa expressway, is facing strong opposition from farmers and some locals in Kolhapur and Sangli districts. 

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