Maharashtra State Budget 2022-23 Analysis
ActualsTotal expenditure, revenue receipts, fiscal deficit, and department-wise allocation for Maharashtra FY 2022-23
Maharashtra State Budget 2022-23 Budget at a Glance
Total Receipts
Rs 3.95 lakh crore
+14.5%
Total Expenditure
Rs 4.9 lakh crore
+15.3%
Fiscal Deficit
2.3%
Rs 80,000 crore
Capital Expenditure
Rs 72,000 crore
+20.0%
Tax Revenue
Rs 2.58 lakh crore
+14.7%
Interest Payments
Rs 48,000 crore
10% of expenditure
Maharashtra Revenue Receipts 2022-23
Own tax revenue vs non-tax revenue breakdown
Maharashtra Expenditure Breakdown 2022-23
Revenue vs Capital spending and department allocation
Revenue vs Capital Split
Fiscal Deficit as % of GSDP — Maharashtra 2022-23
The fiscal deficit for Maharashtra in 2022-23 is 2.3% of GSDP (Rs 80,000 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 48,000 crore consume 9.8% of total expenditure.
Maharashtra State Budget 2022-23 — Receipts & Expenditure Summary
| Particulars | Amount | % of Total |
|---|---|---|
| A. Total Receipts | Rs 4.62 lakh crore | 100% |
| 1. Revenue Receipts | Rs 3.95 lakh crore | 85.5% |
| a. Own Tax Revenue | Rs 2.58 lakh crore | 55.8% |
| b. Non-Tax Revenue | Rs 1.37 lakh crore | 29.7% |
| B. Total Expenditure | Rs 4.9 lakh crore | 100% |
| 1. Revenue Expenditure | Rs 4.18 lakh crore | 85.3% |
| 2. Capital Expenditure | Rs 72,000 crore | 14.7% |
| of which: Interest Payments | Rs 48,000 crore | 9.8% |
| C. Fiscal Deficit | Rs 80,000 crore | 2.3% of GSDP |
Source: Maharashtra State Budget Documents via PRS India. All figures in Indian Rupees.
Maharashtra Budget 2022-23 Analysis & Highlights
Key Highlights
- Actual expenditure for 2022-23 stood at Rs 4.6 lakh crore, broadly in line with revised estimates.
- Post-pandemic economic recovery drove GST collections to Rs 2.0 lakh crore, a record for any state.
- Capital expenditure of Rs 72,000 crore focused on highway construction and urban transport projects.
- Mumbai real estate boom pushed stamp duty collections to Rs 35,000 crore, highest ever.
- Fiscal deficit at actuals came in at 2.5% of GSDP, better than the revised estimate of 2.8%.
- Agriculture spending at Rs 22,000 crore included Rs 4,000 crore for Jalyukt Shivar successor scheme.
- State borrowed Rs 55,000 crore from market through SDL issuances at average yield of 7.4%.
- Education actual spending of Rs 42,000 crore covered salary revisions for 600,000 teachers.
- Industrial incentive disbursals of Rs 4,000 crore attracted Rs 1.2 lakh crore in committed investments.
- COVID-era health infrastructure of Rs 18,000 crore transitioned to permanent district hospital upgrades.
Compare Maharashtra Budget — Recent Years
Year-over-year comparison of key fiscal metrics
| Metric | 2018-19 | 2019-20 | 2020-21 | 2021-22 | 2022-23 |
|---|---|---|---|---|---|
| Total Expenditure | — | — | — | Rs 4.25 lakh crore | Rs 4.9 lakh crore |
| Revenue Receipts | — | — | — | Rs 3.45 lakh crore | Rs 3.95 lakh crore |
| Capital Expenditure | — | — | — | Rs 60,000 crore | Rs 72,000 crore |
| Fiscal Deficit (% GSDP) | — | — | — | 2.3% | 2.3% |
| Own Tax Revenue | — | — | — | Rs 2.25 lakh crore | Rs 2.58 lakh crore |
Columns showing "—" will populate as more data is ingested. Data from official budget documents via PRS India.
Understanding Maharashtra State Budget 2022-23
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.
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Compare Maharashtra with other states
Side-by-side comparison of fiscal metrics across Indian states