Maha Budget: CM Fadnavis announces loan waiver for farmers, infrastructure projects
The loan waiver scheme will be applicable to farmers with outstanding debts of up to Rs 2 lakh and whose crop loans have arrears till September 30, 2025.
The loan waiver scheme will be applicable to farmers with outstanding debts of up to Rs 2 lakh and whose crop loans have arrears till September 30, 2025.
The report suggested that to achieve the Viksit Bharat goal by 2047, India may need to significantly increase its tax-to-GDP ratio, primarily through improved tax compliance, as major tax reforms have already been undertaken.
The Budget size rises from ₹1.65 lakh crore in 2025-26 to ₹1.72 lakh crore this year. Capital expenditure has been pegged at ₹26,500 crore, reaffirming the state’s emphasis on asset creation and long-term economic capacity.
The fiscal deficit has been projected at ₹13,595.96 crore, amounting to 2.18 per cent of the estimated Gross State Domestic Product, comfortably within the 3 per cent ceiling prescribed under the Fiscal Responsibility and Budget Management framework.
The revenue deficit was estimated at Rs 22,002 crore, and the fiscal deficit was projected at Rs 75,868 crore, which amounts to 3.84 per cent of the Gross State Domestic Product (GSDP).
It did not expect the government to significantly expand spending beyond what has been budgeted.
The RBI-appointed KV Kamath Committee, which worked out the financial parameters for loan restructuring, has concluded that 72 per cent of banking sector debt worth Rs 37.72 lakh crore was under stress. Further, according to the Committee, the coronavirus pandemic is not solely responsible for the stressed loans; Rs 23.71 lakh crore, or 45 per cent of banking sector debt, was already under stress
The government's total expenditure stood at Rs 25.17 lakh crore (73 per cent of RE) while total receipts were Rs 12.83 lakh crore (80.1 per cent of RE).
This year, it has further reduced the EBR mobilised through National Small Saving Fund (NSSF) and fully serviced bonds to Rs 30,000 crore only from Rs 1.3 lakh crore in FY21.
Fitch forecasts real GDP to rebound by 11 per cent in FY22 (2021-22) and grow around 6.6 per cent per annum through FY26.
