Maharashtra State Budget 2026-27 Analysis
Budget EstimateTotal expenditure, revenue receipts, fiscal deficit, and department-wise allocation for Maharashtra FY 2026-27
Maharashtra State Budget 2026-27 Budget at a Glance
Total Receipts
Rs 6.16 lakh crore
+2.4%
Total Expenditure
Rs 7.69 lakh crore
+1.8%
Fiscal Deficit
2.8%
Rs 1.5 lakh crore
Capital Expenditure
Rs 1.13 lakh crore
-3.9%
Tax Revenue
Rs 4.15 lakh crore
+45.8%
Interest Payments
Rs 70,055 crore
9% of expenditure
Maharashtra Revenue Receipts 2026-27
Own tax revenue vs non-tax revenue breakdown
Maharashtra Expenditure Breakdown 2026-27
Revenue vs Capital spending and department allocation
Revenue vs Capital Split
Top 10 Departments by Allocation
Fiscal Deficit as % of GSDP โ Maharashtra 2026-27
The fiscal deficit for Maharashtra in 2026-27 is 2.8% of GSDP (Rs 1.5 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 70,055 crore consume 9.1% of total expenditure.
Maharashtra State Budget 2026-27 โ Receipts & Expenditure Summary
| Particulars | Amount | % of Total |
|---|---|---|
| A. Total Receipts | Rs 6.19 lakh crore | 100% |
| 1. Revenue Receipts | Rs 6.16 lakh crore | 99.5% |
| a. Own Tax Revenue | Rs 4.15 lakh crore | 67.1% |
| b. Non-Tax Revenue | Rs 36,128 crore | 5.8% |
| B. Total Expenditure | Rs 7.69 lakh crore | 100% |
| 1. Revenue Expenditure | Rs 6.57 lakh crore | 85.3% |
| 2. Capital Expenditure | Rs 1.13 lakh crore | 14.7% |
| of which: Interest Payments | Rs 70,055 crore | 9.1% |
| C. Fiscal Deficit | Rs 1.5 lakh crore | 2.8% of GSDP |
Source: Maharashtra State Budget Documents via PRS India. All figures in Indian Rupees.
Maharashtra Department-wise Expenditure 2026-27
Top departments by allocation in Maharashtra for 2026-27
| Department โ | Revenue โ | Capital โ | Total โ | Share |
|---|---|---|---|---|
1. Education, Sports, Arts and Culture | Rs 92,564 crore | Rs 15,903 crore | Rs 1.08 lakh crore | 14.1% |
2. Transport | Rs 15,229 crore | Rs 38,699 crore | Rs 53,928 crore | 7.0% |
3. Social Welfare and Nutrition | Rs 45,596 crore | Rs 7,834 crore | Rs 53,430 crore | 6.9% |
4. Rural Development | Rs 33,533 crore | Rs 5,761 crore | Rs 39,294 crore | 5.1% |
5. Agriculture and Allied Activities | Rs 33,419 crore | Rs 5,741 crore | Rs 39,160 crore | 5.1% |
6. Health and Family Welfare | Rs 31,964 crore | Rs 5,492 crore | Rs 37,456 crore | 4.9% |
7. Police | Rs 28,759 crore | Rs 4,941 crore | Rs 33,700 crore | 4.4% |
8. Welfare of SC, ST, OBC and Minorities | Rs 27,803 crore | Rs 4,777 crore | Rs 32,580 crore | 4.2% |
9. Urban Development | Rs 22,424 crore | Rs 3,853 crore | Rs 26,277 crore | 3.4% |
10. Energy | Rs 21,518 crore | Rs 3,697 crore | Rs 25,215 crore | 3.3% |
Maharashtra Budget 2026-27 Analysis & Highlights
Key Highlights
- Total expenditure (excluding debt repayment) for 2026-27 is budgeted at Rs 7,69,467 crore โ the largest state budget in India โ up 2% over the 2025-26 revised estimate of Rs 7,55,920 crore and 9.9% over the 2025-26 budget estimate of Rs 7,00,020 crore.
- Fiscal deficit is targeted at Rs 1,50,491 crore (2.8% of GSDP), pulling back inside the 16th Finance Commission's 3% ceiling after 2025-26 slipped to 3.0% of GSDP in revised estimates.
- Revenue deficit of Rs 40,552 crore (0.7% of GSDP) marks the fourth straight year of borrowing to fund consumption; the state's own FRBM statement projects revenue deficits continuing through 2028-29.
- Nominal GSDP for 2026-27 is projected at Rs 54,08,594 crore (+6%); real GSDP grew 7.3% in 2024-25, ahead of India's 6.5%.
- Revenue receipts of Rs 6,16,099 crore grow just 2%, with 73% (Rs 4,51,626 crore) raised from the state's own resources โ own tax revenue is Rs 4,15,498 crore, or 7.7% of GSDP.
- State GST at Rs 1,87,095 crore supplies 45% of own tax revenue; stamps duty and registration fees contribute Rs 68,600 crore and sales tax/VAT Rs 75,113 crore.
- Capital outlay is flat at Rs 97,498 crore; including Rs 15,318 crore of loans and advances, capital spending totals Rs 1,12,816 crore โ 14.7% of total expenditure.
- Committed expenditure surges 22% to Rs 3,38,385 crore โ 55% of revenue receipts โ with pensions up 37% to Rs 92,379 crore and salaries up 19% to Rs 1,75,951 crore.
- The Mukhyamantri Mazi Ladaki Bahin women's cash transfer is cut 31% to Rs 26,500 crore from the 2025-26 revised estimate of Rs 38,310 crore, but still absorbs 3.4% of total expenditure.
- A crop-loan waiver of up to Rs 2 lakh is announced for loans overdue as of September 2025, with incentives of up to Rs 50,000 for farmers who repaid regularly.
- Education is the top sector at Rs 1,08,467 crore (+10%); roads and bridges receive Rs 38,699 crore of capital outlay โ 6.3% of spending versus a 4.3% all-state average.
- Social welfare (-34% to Rs 53,430 crore), energy (-33% to Rs 25,215 crore), urban development (-30% to Rs 26,277 crore) and health (-16% to Rs 37,456 crore) are all cut from elevated 2025-26 revised levels, while police spending jumps 29% to Rs 33,700 crore.
- Outstanding liabilities rise to 20.4% of GSDP (about Rs 11.03 lakh crore); interest payments climb 13% to Rs 70,055 crore; central devolution rises 12% to Rs 98,363 crore on the 16th Finance Commission's higher 6.44% share for Maharashtra.
Compare Maharashtra Budget โ Recent Years
Year-over-year comparison of key fiscal metrics
| Metric | 2022-23 | 2023-24 | 2024-25 | 2025-26 | 2026-27 |
|---|---|---|---|---|---|
| Total Expenditure | โ | โ | โ | Rs 7.56 lakh crore | Rs 7.69 lakh crore |
| Revenue Receipts | โ | โ | โ | Rs 6.01 lakh crore | Rs 6.16 lakh crore |
| Capital Expenditure | โ | โ | โ | Rs 1.17 lakh crore | Rs 1.13 lakh crore |
| Fiscal Deficit (% GSDP) | โ | โ | โ | 3.0% | 2.8% |
| Own Tax Revenue | โ | โ | โ | Rs 2.85 lakh crore | Rs 4.15 lakh crore |
Columns showing "โ" will populate as more data is ingested. Data from official budget documents via PRS India.
Understanding Maharashtra State Budget 2026-27
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