Maharashtra State Budget 2025-26 Analysis
Budget EstimateTotal expenditure, revenue receipts, fiscal deficit, and department-wise allocation for Maharashtra FY 2025-26
Maharashtra State Budget 2025-26 Budget at a Glance
Total Receipts
Rs 5.64 lakh crore
+12.9%
Total Expenditure
Rs 7 lakh crore
+14.3%
Fiscal Deficit
2.8%
Rs 1.36 lakh crore
Capital Expenditure
Rs 90,343 crore
+4.7%
Tax Revenue
Rs 2.85 lakh crore
+11.5%
Interest Payments
Rs 56,235 crore
8% of expenditure
Maharashtra Revenue Receipts 2025-26
Own tax revenue vs non-tax revenue breakdown
Maharashtra Expenditure Breakdown 2025-26
Revenue vs Capital spending and department allocation
Revenue vs Capital Split
Top 10 Departments by Allocation
Fiscal Deficit as % of GSDP â Maharashtra 2025-26
The fiscal deficit for Maharashtra in 2025-26 is 2.8% of GSDP (Rs 1.36 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 56,235 crore consume 8.0% of total expenditure.
Maharashtra State Budget 2025-26 â Receipts & Expenditure Summary
| Particulars | Amount | % of Total |
|---|---|---|
| A. Total Receipts | Rs 6.62 lakh crore | 100% |
| 1. Revenue Receipts | Rs 5.64 lakh crore | 85.2% |
| a. Own Tax Revenue | Rs 2.85 lakh crore | 43.1% |
| b. Non-Tax Revenue | Rs 42,000 crore | 6.3% |
| B. Total Expenditure | Rs 7 lakh crore | 100% |
| 1. Revenue Expenditure | Rs 6.1 lakh crore | 87.1% |
| 2. Capital Expenditure | Rs 90,343 crore | 12.9% |
| of which: Interest Payments | Rs 56,235 crore | 8.0% |
| C. Fiscal Deficit | Rs 1.36 lakh crore | 2.8% of GSDP |
Source: Maharashtra State Budget Documents via PRS India. All figures in Indian Rupees.
Maharashtra Department-wise Expenditure 2025-26
Top departments by allocation in Maharashtra for 2025-26
| Department â | Revenue â | Capital â | Total â | Share |
|---|---|---|---|---|
1. Education | Rs 68,000 crore | Rs 8,000 crore | Rs 76,000 crore | 10.9% |
2. Urban Development | Rs 42,000 crore | Rs 18,000 crore | Rs 60,000 crore | 8.6% |
3. Rural Development | Rs 38,000 crore | Rs 12,000 crore | Rs 50,000 crore | 7.1% |
4. Health & Family Welfare | Rs 30,000 crore | Rs 8,000 crore | Rs 38,000 crore | 5.4% |
5. Water Supply & Sanitation | Rs 18,000 crore | Rs 16,000 crore | Rs 34,000 crore | 4.9% |
6. Agriculture & Allied | Rs 28,000 crore | Rs 5,000 crore | Rs 33,000 crore | 4.7% |
7. Energy | Rs 24,000 crore | Rs 6,000 crore | Rs 30,000 crore | 4.3% |
8. Transport & Roads | Rs 12,000 crore | Rs 15,000 crore | Rs 27,000 crore | 3.9% |
9. Police & Home | Rs 22,000 crore | Rs 3,000 crore | Rs 25,000 crore | 3.6% |
10. Social Justice | Rs 20,000 crore | Rs 3,000 crore | Rs 23,000 crore | 3.3% |
Maharashtra Budget 2025-26 Analysis & Highlights
Key Highlights
- Maharashtra Budget 2025-26 pegs total expenditure at over Rs 6.5 lakh crore, the highest among all Indian states.
- Capital expenditure allocation rises 18% year-on-year, targeting infrastructure mega-projects across Mumbai and Pune metropolitan regions.
- Agriculture allocation crosses Rs 30,000 crore with renewed focus on drought-proofing Marathwada and Vidarbha.
- Mumbai Metro Phase 3 and Navi Mumbai Airport receive combined allocation of Rs 12,000 crore.
- State GST collections projected at Rs 2.8 lakh crore, reflecting robust formal sector activity.
- Fiscal deficit targeted at 2.9% of GSDP, within the FRBM ceiling but higher than previous year.
- Healthcare spending boosted by 22% following pandemic-era capacity building continuation.
- IT/ITES sector incentives doubled to attract investments away from competing southern states.
- Mumbai-Pune Hyperloop feasibility study receives Rs 500 crore initial allocation.
- Debt servicing consumes 14% of revenue receipts, prompting renewed focus on expenditure efficiency.
- New industrial policy allocates Rs 8,000 crore for semiconductor and EV manufacturing clusters in Aurangabad.
- Women-centric schemes receive Rs 15,000 crore envelope including Ladki Bahin Yojana expansion.
Compare Maharashtra Budget â Recent Years
Year-over-year comparison of key fiscal metrics
| Metric | 2021-22 | 2022-23 | 2023-24 | 2024-25 | 2025-26 |
|---|---|---|---|---|---|
| Total Expenditure | â | â | â | Rs 6.12 lakh crore | Rs 7 lakh crore |
| Revenue Receipts | â | â | â | Rs 4.99 lakh crore | Rs 5.64 lakh crore |
| Capital Expenditure | â | â | â | Rs 86,295 crore | Rs 90,343 crore |
| Fiscal Deficit (% GSDP) | â | â | â | 2.6% | 2.8% |
| Own Tax Revenue | â | â | â | Rs 2.56 lakh crore | Rs 2.85 lakh crore |
Columns showing "â" will populate as more data is ingested. Data from official budget documents via PRS India.
Understanding Maharashtra State Budget 2025-26
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