Maharashtra State Budget 2023-24 Analysis
Revised EstimateTotal expenditure, revenue receipts, fiscal deficit, and department-wise allocation for Maharashtra FY 2023-24
Maharashtra State Budget 2023-24 Budget at a Glance
Total Receipts
Rs 4.7 lakh crore
+19.0%
Total Expenditure
Rs 5.72 lakh crore
+16.7%
Fiscal Deficit
2.7%
Rs 1.02 lakh crore
Capital Expenditure
Rs 82,000 crore
+13.9%
Tax Revenue
Rs 2.4 lakh crore
-7.0%
Interest Payments
Rs 47,000 crore
8% of expenditure
Maharashtra Revenue Receipts 2023-24
Own tax revenue vs non-tax revenue breakdown
Maharashtra Expenditure Breakdown 2023-24
Revenue vs Capital spending and department allocation
Revenue vs Capital Split
Top 10 Departments by Allocation
Fiscal Deficit as % of GSDP — Maharashtra 2023-24
The fiscal deficit for Maharashtra in 2023-24 is 2.7% of GSDP (Rs 1.02 lakh 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 47,000 crore consume 8.2% of total expenditure.
Maharashtra State Budget 2023-24 — Receipts & Expenditure Summary
| Particulars | Amount | % of Total |
|---|---|---|
| A. Total Receipts | Rs 5.55 lakh crore | 100% |
| 1. Revenue Receipts | Rs 4.7 lakh crore | 84.7% |
| a. Own Tax Revenue | Rs 2.4 lakh crore | 43.2% |
| b. Non-Tax Revenue | Rs 33,000 crore | 5.9% |
| B. Total Expenditure | Rs 5.72 lakh crore | 100% |
| 1. Revenue Expenditure | Rs 4.9 lakh crore | 85.7% |
| 2. Capital Expenditure | Rs 82,000 crore | 14.3% |
| of which: Interest Payments | Rs 47,000 crore | 8.2% |
| C. Fiscal Deficit | Rs 1.02 lakh crore | 2.7% of GSDP |
Source: Maharashtra State Budget Documents via PRS India. All figures in Indian Rupees.
Maharashtra Department-wise Expenditure 2023-24
Top departments by allocation in Maharashtra for 2023-24
| Department ↕ | Revenue ↕ | Capital ↕ | Total ↓ | Share |
|---|---|---|---|---|
1. Education | Rs 57,000 crore | Rs 6,000 crore | Rs 63,000 crore | 11.0% |
2. Urban Development | Rs 35,000 crore | Rs 13,000 crore | Rs 48,000 crore | 8.4% |
3. Rural Development | Rs 32,000 crore | Rs 9,000 crore | Rs 41,000 crore | 7.2% |
4. Health & Family Welfare | Rs 25,000 crore | Rs 6,000 crore | Rs 31,000 crore | 5.4% |
5. Agriculture & Allied | Rs 23,000 crore | Rs 4,000 crore | Rs 27,000 crore | 4.7% |
6. Water Supply & Sanitation | Rs 14,000 crore | Rs 12,000 crore | Rs 26,000 crore | 4.5% |
7. Energy | Rs 20,000 crore | Rs 5,000 crore | Rs 25,000 crore | 4.4% |
8. Transport & Roads | Rs 9,000 crore | Rs 12,000 crore | Rs 21,000 crore | 3.7% |
9. Police & Home | Rs 18,000 crore | Rs 2,000 crore | Rs 20,000 crore | 3.5% |
10. Social Justice | Rs 16,000 crore | Rs 2,000 crore | Rs 18,000 crore | 3.1% |
Maharashtra Budget 2023-24 Analysis & Highlights
Key Highlights
- Revised estimates show total expenditure at Rs 5.3 lakh crore, 5% above initial budget estimates.
- Revenue collections exceeded projections by 8%, driven by strong GST and stamp duty performance.
- Farm loan waiver installments of Rs 6,000 crore disbursed covering 2.1 million farmer accounts.
- Mumbai Metro Line 3 (Aqua Line) receives accelerated funding of Rs 4,500 crore to meet completion targets.
- State received Rs 45,000 crore in central transfers under 15th Finance Commission recommendations.
- Healthcare spending increased 18% over original estimates due to dengue outbreak response.
- Pension expenditure rose to Rs 42,000 crore, consuming 9% of total expenditure.
- Capital expenditure utilization rate reached 87%, among the highest for major states.
- IT sector incentives disbursed Rs 2,500 crore across 340 companies under the state IT policy.
- Fiscal deficit revised upward to 3.1% of GSDP from budgeted 2.8% due to additional farm spending.
Compare Maharashtra Budget — Recent Years
Year-over-year comparison of key fiscal metrics
| Metric | 2019-20 | 2020-21 | 2021-22 | 2022-23 | 2023-24 |
|---|---|---|---|---|---|
| Total Expenditure | — | — | — | Rs 4.9 lakh crore | Rs 5.72 lakh crore |
| Revenue Receipts | — | — | — | Rs 3.95 lakh crore | Rs 4.7 lakh crore |
| Capital Expenditure | — | — | — | Rs 72,000 crore | Rs 82,000 crore |
| Fiscal Deficit (% GSDP) | — | — | — | 2.3% | 2.7% |
| Own Tax Revenue | — | — | — | Rs 2.58 lakh crore | Rs 2.4 lakh crore |
Columns showing "—" will populate as more data is ingested. Data from official budget documents via PRS India.
Understanding Maharashtra State Budget 2023-24
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