India News | Every Maharashtra Citizen Carrying Rs 82,000 Debt Due to Fiscal Mismanagement: Ambadas Danve
Get latest articles and stories on India at LatestLY. Financial mismanagement by the Mahayuti government and the state's escalating debt burden resulted in every citizen now carrying a debt of Rs 82,000, Leader of Opposition in legislative council Ambadas Danve said on Tuesday.
Mumbai, Mar 11 (PTI) Financial mismanagement by the Mahayuti government and the state's escalating debt burden resulted in every citizen now carrying a debt of Rs 82,000, Leader of Opposition in legislative council Ambadas Danve said on Tuesday.
Opposition leaders slammed the government over Maharashtra's financial situation in the upper house of the state legislature, a day after finance minister Ajit Pawar presented Budget 2025-26.
During the debate, Danve said Maharashtra pays Rs 65,000 crore annually in interest payments alone, leaving the state's citizens grappling with a debt of Rs 82,000 each, raising concerns about the government's management of public finances.
He said the state government's move to slash capital expenditure (capex) by 2 per cent would affect long-term growth.
"In the current financial year (2024-25), 13% of the budget was allocated to capital expenditure. However, in the 2025-26 Budget, this has been reduced to 11 per cent, which shows the government's approach towards long-term projects," the Shiv Sena (UBT) leader added.
Danve said that only 44 paise out of every rupee spent by the government goes toward public welfare, with the remaining funds primarily used to service debt obligations.
Maharashtra's budget for the current fiscal year stands at Rs 7 lakh crore, with a revenue deficit of Rs 45,000 crore and a fiscal deficit of Rs 1.36 lakh crore.
Danve said the Union government's decision to cut Maharashtra's GST rebate has further strained the state's revenue collection.
"The Union government is allocating more funds to Uttar Pradesh and Bihar, depriving Maharashtra of its expected share despite its contribution towards GST collections," he said.
Danve further said Maharashtra has fallen to the fifth place in GDP growth rankings, while states like Telangana and Karnataka have reported higher growth.
Maharashtra government had tabled supplementary demands of Rs 6,486 crore outside the budget expenditure on the first day of the budget session of the state assembly on March 3.
(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)