The Mumbai Metropolitan Region (MMR) to be developed as a growth hub, a proposed third airport for the state capital near the upcoming Vadhvan deep sea port, new industrial policy for the state that will aim to generate Rs 40 lakh crore in investment - the first Budget presented by the new government in Maharashtra was high on several mega infrastructure, industrial and employment generation plans.
This was the 11th Budget presented by Ajit Pawar, currently the deputy chief minister and the state's finance minister. His speech also focused on the Ladki Bahin (beloved sisters) whose support was crucial in the BJP, Shiv Sena and NCP Mahayuti winning the assembly election by a landslide. Pawar announced big financial support for their welfare scheme started when Shiv Sena leader Eknath Shinde was the state chief minister.
There were several other announcements including river linking schemes, promoting artificial intelligence in agriculture, multiple road development works, a push for renewable energy usage and additional funds for ongoing metro rail projects etc as the government looks to cement the state's position among the leaders in development, employment generation and attracting investments.
Mumbai may have missed out on becoming the premier international financial services centre, with the Narendra Modi-led government at the centre pushing GIFT City in Gujarat, the Maharashtra government is going all out in the development of the Mumbai Metropolitan Region.
Pawar announced on Monday that the MMR region would be developed as a growth hub and as a part of this plan, seven economic development centres will be created at 7 locations in and around the city.
Through various infrastructural and developmental projects, the MMR economy is expected to expand from the current $140 billion to $300 billion by 2030 and then to $1.5 trillion by 2047, by which time India is expected to be a developed economy.
There are multiple small and large infrastructure projects ongoing and planned in the MMR region. The deep sea Vadhvan port that is coming up towards the north of the city in Palghar district, which is being built at a cost of Rs 76,000 crore is likely to be operational by 2030. Overall close to Rs 64,000 crore has been allocated for Mumbai's infrastructure projects.
The state government has plans to build the city's third airport near the Vadhvan port. Separately, the Nagpur airport is to be upgraded and night landing facility at the airport in Shirdi is also likely to operational soon, Pawar announced. The government has also allocated additional funds for the development of the Ratnagiri airport in the Konkan region.
Pawar also pointed out that 85 per cent of work at the Navi Mumbai airport is complete and domestic operations are likely to begin from April. The government will soon take up the construction of the metro rail project connecting the existing Chhatrapati Shivaji Maharaj International Airport in the heart of Mumbai to the Navi Mumbai Airport.
Over the next five years, there will be around 237.5 km of additional metro lines coming up across the state. The government will soon announce a new industrial policy, under which it aims to attract Rs 40 lakh crore worth of investments and generate 50 lakh jobs over five years.
Meanwhile, the government has allocated Rs 36,000 crore in 2025-26 for the Mukhya Mantri Majhi Ladki Bahin Yojana (Chief Minister My Beloved Sister Scheme). Close to 2.53 crore women have so far benefited from this scheme, receiving Rs 1,500 per month.
In this year's Budget, the finance minister has targeted an expenditure of Rs 7.20 lakh crore. The estimated revenue receipts stand at close to Rs 5.61 lakh crore, while the revenue expenditure is projected at Rs 6.06 lakh crore.
Pawar announced a 1 per cent increase in the motor vehicle tax on CNG cars, which is expected to add around Rs 150 crore to the state's revenue. The government also aims to reduce the state's electricity tariffs over the next five years.
