Maharashtra State Budget 2018-19 Analysis
ActualsTotal expenditure, revenue receipts, fiscal deficit, and department-wise allocation for Maharashtra FY 2018-19
Maharashtra State Budget 2018-19 Budget at a Glance
Total Receipts
Rs 2.9 lakh crore
+10.7%
Total Expenditure
Rs 3.56 lakh crore
+10.4%
Fiscal Deficit
1.8%
Rs 52,000 crore
Capital Expenditure
Rs 55,000 crore
+10.0%
Tax Revenue
Rs 1.9 lakh crore
+11.8%
Interest Payments
Rs 38,000 crore
11% of expenditure
Maharashtra Revenue Receipts 2018-19
Own tax revenue vs non-tax revenue breakdown
Maharashtra Expenditure Breakdown 2018-19
Revenue vs Capital spending and department allocation
Revenue vs Capital Split
Fiscal Deficit as % of GSDP — Maharashtra 2018-19
The fiscal deficit for Maharashtra in 2018-19 is 1.8% of GSDP (Rs 52,000 crore), reflecting the state's borrowing needs to fund development programmes.
States are expected to maintain fiscal deficit within 3% of GSDP as per the FRBM Act. Maharashtra is maintaining fiscal discipline close to the recommended limit.
Interest payments at Rs 38,000 crore consume 10.7% of total expenditure.
Maharashtra State Budget 2018-19 — Receipts & Expenditure Summary
| Particulars | Amount | % of Total |
|---|---|---|
| A. Total Receipts | Rs 3.42 lakh crore | 100% |
| 1. Revenue Receipts | Rs 2.9 lakh crore | 84.8% |
| a. Own Tax Revenue | Rs 1.9 lakh crore | 55.6% |
| b. Non-Tax Revenue | Rs 1 lakh crore | 29.2% |
| B. Total Expenditure | Rs 3.56 lakh crore | 100% |
| 1. Revenue Expenditure | Rs 3 lakh crore | 84.5% |
| 2. Capital Expenditure | Rs 55,000 crore | 15.5% |
| of which: Interest Payments | Rs 38,000 crore | 10.7% |
| C. Fiscal Deficit | Rs 52,000 crore | 1.8% of GSDP |
Source: Maharashtra State Budget Documents via PRS India. All figures in Indian Rupees.
Maharashtra Budget 2018-19 Analysis & Highlights
Key Highlights
- Maharashtra's GSDP crossed Rs 28 lakh crore, maintaining its lead as India's largest state economy.
- GST stabilization phase saw collections settle at Rs 1.6 lakh crore after initial implementation volatility.
- Farm loan waiver of Rs 34,000 crore (announced in 2017) saw Rs 12,000 crore disbursed in this fiscal.
- Mumbai Metro Line 1 ridership crossed 300,000 daily, spurring expansion approvals for 12 new corridors.
- Fiscal deficit managed at 1.8% of GSDP despite the massive farm loan waiver commitment.
- Capital expenditure of Rs 52,000 crore targeted expressway construction and port modernization.
- State's own tax revenue grew 14% year-on-year, reflecting GST stabilization and compliance improvement.
- Devendra Fadnavis government prioritized Jalyukt Shivar Abhiyan with Rs 4,500 crore for water conservation.
- MIDC industrial areas attracted Rs 80,000 crore in new investment commitments.
- Education spending at Rs 35,000 crore included Rs 2,000 crore for digital literacy in rural schools.
- Nagpur-Mumbai Expressway (Samruddhi Mahamarg) construction commenced with Rs 8,000 crore initial allocation.
Compare Maharashtra Budget — Recent Years
Year-over-year comparison of key fiscal metrics
| Metric | 2014-15 | 2015-16 | 2016-17 | 2017-18 | 2018-19 |
|---|---|---|---|---|---|
| Total Expenditure | — | — | — | Rs 3.22 lakh crore | Rs 3.56 lakh crore |
| Revenue Receipts | — | — | — | Rs 2.62 lakh crore | Rs 2.9 lakh crore |
| Capital Expenditure | — | — | — | Rs 50,000 crore | Rs 55,000 crore |
| Fiscal Deficit (% GSDP) | — | — | — | 1.9% | 1.8% |
| Own Tax Revenue | — | — | — | Rs 1.7 lakh crore | Rs 1.9 lakh crore |
Columns showing "—" will populate as more data is ingested. Data from official budget documents via PRS India.
Understanding Maharashtra State Budget 2018-19
The Maharashtra state budget is the annual financial plan presented in the state legislature. It covers all revenue receipts, expenditure allocations across departments, and fiscal deficit management. State budgets are critical because states handle key development areas including education, health, agriculture, and infrastructure.
Maharashtra Revenue Sources
State revenue comes from three sources: own tax revenue (state GST, stamp duty, excise, vehicle tax), non-tax revenue (fees, fines, interest), and transfers from the Centre (share of central taxes as per Finance Commission recommendations, plus grants-in-aid for specific schemes).
Fiscal Deficit and State Borrowing
Under the FRBM framework, states target a fiscal deficit of 3% of GSDP. States can borrow from the market via State Development Loans (SDLs), and the central government also provides loans. The RBI manages the borrowing calendar for states to ensure orderly market conditions.
Explore More
Compare Maharashtra with other states
Side-by-side comparison of fiscal metrics across Indian states