Business
Maharashtra’s Rs 7.69-Lakh-Crore Budget: Who Gains? Who Pays More?
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The Maharashtra government presented a budget that seeks to balance economic expansion with social welfare, while laying the groundwork for the state’s long-term economic goals
According to Fadnavis, the state’s revenue deficit has consistently remained below 1% of the GSDP.
Maharashtra CM and Finance Minister Devendra Fadnavis on Friday, March 6, presented the state budget for 2026-27 in the Assembly, announcing a series of measures spanning agriculture, infrastructure, industry, urban development, health, and social welfare. The Maharashtra Budget 2026, with a total outlay of Rs 7.69 lakh crore, lays out an ambitious roadmap to accelerate the state’s economic growth while expanding welfare schemes for farmers and women.
From farm loan waivers and incentives for timely repayments to large-scale infrastructure projects and plans to reshape urban development across the state, the budget outlines the government’s vision of building a progressive, sustainable and inclusive Maharashtra.
The Maharashtra government has also set a long-term goal of helping the state economy move toward becoming a one trillion-dollar economy in the coming years and a $5 trillion economy by 2047.
There were also emotional moments in the Maharashtra Assembly as Fadnavis began presenting the budget. Members raised slogans of “Ajit Dada Amar Rahe”, paying tribute to former state finance minister Ajit Pawar, who died in an air crash in January. Fadnavis announced that a memorial will be built for the late NCP leader.
Relief for farmers: Loan waiver and incentives
One of the most significant announcements in the Maharashtra budget was a farm loan waiver scheme aimed at easing financial pressure on farmers. Under the Punyashlok Ahilyadevi Holkar Shetkari Karjmafi Yojana, crop loans of up to Rs 2 lakh taken until September 30, 2025 will be waived for eligible farmers. The government also announced a Rs 50,000 incentive for farmers who regularly repay their crop loans on time.
Alongside financial relief, the government also unveiled plans to strengthen the agricultural sector through technology and sustainability. Natural farming will be promoted across 5 lakh hectares, while value chains for 10-15 crops will be strengthened to help farmers access global markets.
Artificial intelligence (AI) and digital platforms will be introduced in farming practices, and AI innovation centres will be set up at four agricultural universities to support research and technological advancement in agriculture.
Women’s welfare schemes to continue
The government confirmed that the Mukhyamantri Majhi Ladki Bahin Yojana, launched in 2024, will continue with adequate funding. Under the scheme, eligible women from economically weaker sections receive Rs 1,500 per month as financial assistance. The government also plans to expand initiatives aimed at creating more “Lakhpati Didis”, with a target of developing 25 lakh new women entrepreneurs in 2026-27.
Major push for education, startups and health
In the education sector, the state government proposed the development of a large EduCity in Navi Mumbai, which will house six international universities. In addition, eight to ten educational cities will be developed across Maharashtra.
To boost entrepreneurship, the government plans to nurture 1.25 lakh entrepreneurs and strengthen 50,000 startups over the next five years, strengthening the state’s innovation ecosystem.
In healthcare, a Maharashtra Institute of Public Health will be established in Nagpur. The Mahatma Phule Jan Arogya Yojana will also be expanded to cover more treatments and hospitals. The government also announced a Rs 4,500 crore rural disease detection programme, supported by the Asian Development Bank, which will focus on early screening for cancer, diabetes, and heart disease in rural areas.
Water, irrigation and rural development
The government announced plans for river-linking projects and measures to improve water availability across the state. By 2047, the aim is to ensure 55 litres of water per person per day in rural areas and 135 litres per person per day in urban areas.
In rural infrastructure, villages with populations of more than 1,000 people will be connected by concrete roads, improving connectivity and accessibility.
Mumbai and urban development roadmap
A significant part of the budget focused on the development of the Mumbai Metropolitan Region (MMR) and the broader urbanisation strategy for Maharashtra. With projections suggesting that 70% of the state’s population may live in urban areas in the coming decades, the government has proposed large-scale expansion and digitisation of civic services.
One of the most ambitious plans is the development of “Fourth Mumbai” or Mumbai 4.0 at Vadhavan in Palghar, which will function as a major logistics and warehousing hub. The government is also planning “Third Mumbai” (Mumbai 3.0) in the Atal Setu area, which is expected to become another major urban centre.
To prevent the formation of new slums in Mumbai, the government will introduce a “No New Slum Framework” using GIS technology, and this model may later be extended to other cities across Maharashtra. The Slum Rehabilitation Authority will prepare a plan to redevelop about 20 lakh slum houses and construct 10 lakh affordable homes under various housing schemes.
Transport and infrastructure expansion
Metro rail projects in Mumbai and Pune will continue, and the government plans to expand the metro network to 1,200 kilometres in the coming years. Progress on the Mumbai-Ahmedabad bullet train project was also highlighted. The government aims to complete work on three stations up to Thane and Talasari by 2027, with separate development plans for areas around Dadar, Thane, and Virar bullet train stations.
Additional expressways and transport corridors are also planned to strengthen connectivity across the state.
New growth hubs and industrial expansion
To boost industrial growth and employment, the government plans to establish 18 mega industrial hubs across the state. In addition, MSME centres will be set up in every district, which the government estimates could help generate up to 50 lakh jobs.
A major steel hub is proposed in Gadchiroli, expected to attract significant investment and strengthen the state’s industrial base. With support from NITI Aayog, the government also plans to develop separate growth hubs in Pune, Nashik, Nagpur, and Chhatrapati Sambhajinagar, following the development model being implemented in the Mumbai Metropolitan Region.
Another project under consideration is the creation of a world-class stadium and innovation hub on 130 acres in Taloja.
Green energy and sustainability push
The government aims to achieve 50% green energy by 2029 and 65% by 2035. The plan includes large-scale tree plantation drives and rooftop solar initiatives to promote sustainability.
Budget figures and fiscal targets
For the financial year 2026-27, the state budget estimates:
- Revenue receipts: Rs 6,16,099 crore
- Revenue expenditure: Rs 6,56,651 crore
- Revenue deficit: Rs 40,552 crore
The fiscal deficit is estimated at Rs 1,50,491 crore, and the government said it has kept the fiscal deficit below 3% of the Gross State Domestic Product (GSDP). According to Fadnavis, the state’s revenue deficit has consistently remained below 1% of the GSDP.
The government also aims to expand the Mumbai Metropolitan Region’s economy from the current $140 billion to $300 billion, positioning it as a major global economic hub.
Through a combination of welfare schemes, large-scale infrastructure investments, and ambitious urban development plans, the Fadnavis government has presented a budget that seeks to balance economic expansion with social welfare, while laying the groundwork for Maharashtra’s long-term economic ambitions.
Maharashtra, India, India
March 06, 2026, 18:29 IST
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The layoffs account for 3-4% of Flipkart’s workforce, which is higher than the company’s practice of letting go of 1-2% of employees in the lowest performance bracket every year.
Flipkart Layoffs 2026.
Flipkart Layoffs 2026: Flipkart, the Walmart-owned e-commerce giant, has reportedly asked around 400-500 employees to exit the company this year following its annual performance review process. According to a report by The Economic Times, the layoffs account for roughly 3-4% of Flipkart’s workforce, which is higher than the company’s usual practice of letting go of 1-2% of employees in the lowest performance bracket every year.
Why Has Flipkart Laid Off Employees?
Responding to queries, Flipkart said the move is part of its routine evaluation process. “Flipkart conducts regular performance reviews aligned with clearly defined expectations. As part of this process, a small percentage of employees may transition from the organisation. We are supporting affected employees with transition support,” the company said, according to Mint.
Layoffs Across Teams, Hiring Continues For Senior Roles
The job cuts have reportedly impacted employees across multiple departments and job levels. At the same time, the company continues to recruit senior executives as it prepares for a potential initial public offering (IPO).
According to a report by ANI, Flipkart has recently strengthened its leadership team with several senior appointments.
These include Somnath Das as vice-president (supply chain), Digbijay Mishra as vice-president (corporate communications), Vipin Kapooria as vice-president (business finance), Yogita Shanbhag as vice-president (human resources), and Amer Hussain as vice-president (supply chain for its grocery and quick-commerce businesses).
Flipkart Preparing For India IPO
In December 2025, Flipkart received approval from the National Company Law Tribunal to shift its legal domicile from Singapore to India, a key step ahead of a potential domestic listing.
The restructuring involved merging eight Singapore-based entities into Flipkart Internet Pvt Ltd, simplifying the group’s holding structure across businesses such as fashion, health and logistics.
Loss Widens Despite Revenue Growth
Financial data shows that Flipkart continues to expand its business, although losses have widened.
According to data from Tofler, Flipkart India reported a consolidated loss of Rs 5,189 crore in FY25, compared with Rs 4,248.3 crore in FY24.
However, revenue from operations rose 17.3% to Rs 82,787.3 crore, up from Rs 70,541.9 crore a year earlier.
Total expenses also increased 17.4% to Rs 88,121.4 crore, largely due to higher stock-in-trade purchases, which climbed to Rs 87,737.8 crore, compared with Rs 74,271.2 crore in the previous financial year.
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March 07, 2026, 14:51 IST
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Global businesses are feeling the impact of the escalating conflict between the United States, Israel, and Iran, as rising energy prices and disrupted trade routes create uncertainty across markets.
Oil and Energy Prices Surge
The conflict has triggered a sharp rise in global oil and gas prices. Brent crude prices have climbed close to $90 per barrel, raising concerns among businesses and policymakers about inflation and higher operating costs.
Industry leaders warn that prolonged price increases could affect nearly every sector of the global economy.
Higher fuel costs are already pushing up prices for transportation, manufacturing, and consumer goods.
Trade Routes Under Pressure
Shipping routes through the Strait of Hormuz, which handles about 20% of global oil supplies, have slowed significantly as tensions escalate.
Air travel routes across the Gulf have also been disrupted, creating delays for cargo shipments and international flights.
Industries Facing Supply Disruptions
Several industries are beginning to feel the effects:
Aluminium production has been disrupted as shipments through the Gulf face restrictions.
Helium supplies, crucial for semiconductor manufacturing, could also be affected.
Chemical and energy-intensive industries in Europe are already reducing production due to rising gas prices.
The Gulf region accounts for roughly 8% of global aluminium production, making any supply disruption a major concern for global manufacturing.
Businesses Prepare for Economic Impact
Major companies are now hedging energy costs and reviewing supply chains to manage the uncertainty.
Analysts warn that if oil prices reach $100 per barrel, global economic growth could slow significantly.
Some financial institutions estimate global growth could drop by 0.4 percentage points if the conflict persists.
Risk of Another Energy Crisis
Experts say the situation highlights how vulnerable global markets remain to geopolitical shocks.
Business leaders warn that energy volatility, supply chain disruption, and rising inflation could lead to a new global economic slowdown if the conflict continues for an extended period.
Business
Want To Buy A House In Karnataka? Know About The ‘Namma Mane’ Scheme With Affordable Housing & Subsidies
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The programme aims to make land ownership more accessible for eligible residents while supporting the government’s wider goal of providing housing for all.
Under the ‘Namma Mane’ housing scheme 50,000 residential plots will be distributed at concessional rates over the next two years.
What if owning a home became a little more achievable? In the latest Karnataka Budget, the state government has announced a series of housing initiatives aimed at expanding access to affordable homes and residential plots. From the ‘Namma Mane’ scheme offering concessional sites to increased subsidies for beneficiaries and plans for a massive sports complex in Anekal, the announcements signal a renewed push towards housing development across the state.
The Karnataka government has unveiled several housing and infrastructure initiatives in the latest state budget, including the distribution of thousands of residential plots and the construction of a large sports complex in Bengaluru’s Anekal taluk. The announcements are part of broader efforts to expand housing access and improve public infrastructure across the state.
Karnataka Budget Housing Scheme: Key Benefits
One of the key proposals is the introduction of the ‘Namma Mane’ housing scheme, under which 50,000 residential plots will be distributed at concessional rates over the next two years. The programme aims to make land ownership more accessible for eligible residents while supporting the government’s wider goal of providing housing for all.
The Housing Department has also set a new target of sanctioning one lakh houses under various housing schemes in the state. These houses will be approved based on the Beneficiary Led Construction (BLC) model, which allows eligible beneficiaries to construct their own homes with financial support from the government.
As part of this initiative, the government has increased the subsidy amount provided under housing schemes. For beneficiaries in the general category, the subsidy has been raised from Rs 1.20 lakh to Rs 2 lakh. Meanwhile, beneficiaries from Scheduled Castes and Scheduled Tribes will receive increased assistance, with the subsidy rising from Rs 2 lakh to Rs 3 lakh.
The budget also introduces a change in the process used to select beneficiaries for state housing schemes. Instead of the traditional manual lottery system, selections will now be conducted through an online lottery in Gram Sabhas. The move is expected to improve transparency and streamline the allocation process.
In addition to housing initiatives, the Karnataka Housing Board has announced plans to develop a major sports facility in Anekal taluk of Bengaluru Urban district. The project, titled ‘KHB Surya Krida Grama’, will include the construction of an 80,000-seat cricket stadium designed to host international sporting events.
Meanwhile, the Karnataka Slum Development Board is continuing the implementation of housing projects under the Pradhan Mantri Awas Yojana (AHP). A total of 1.29 lakh houses are being constructed under the scheme, with 79,134 homes dedicated for the year 2025–26. The state government has allocated an additional grant of Rs 1,136 crore to support the project, providing permanent housing to many slum residents.
Since the Congress government came to power, Rs 7,328 crore has been spent on various housing schemes. So far, 4,19,454 houses have been completed and handed over to beneficiaries. The government has set a target to complete three lakh houses during the current year.
Authorities have also stated that steps will be taken to complete the 4.90 lakh houses sanctioned by the previous government, even though they were approved without grants.
March 07, 2026, 10:51 IST
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