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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 logo for the Food and Drug Administration is seen ahead of a news conference at the Health and Human Services Headquarters in Washington, April 22, 2025.
Nathan Posner | Anadolu | Getty Images
A key U.S. Food and Drug Administration official who oversees vaccines and biotech treatments will step down from the agency following multiple decisions that raised concerns within the industry.
Vinay Prasad, director of the Center for Biologics Evaluation and Research, will leave the FDA at the end of April, an agency spokesperson confirmed on Friday. It is his second departure from the position: He briefly left the post in July following backlash over his regulatory decisions, and returned only two weeks later in August.
In a post on X, FDA Commissioner Marty Makary said the FDA will appoint a successor before Prasad returns next month to the University of California San Francisco, where he taught before taking the FDA position last year. Makary said Prasad “got a tremendous amount accomplished” during his tenure at the agency.
Prasad’s decision to step down comes after criticism of the FDA mounted within the biotech and pharmaceutical industry and among former health officials. In the past year, the agency has denied or discouraged the approval applications of at least eight drugs, according to RTW Investments, after taking issue with data the companies used to support their applications. The FDA also initially refused to review Moderna’s flu shot before it later reversed course.
All of those companies accused the FDA of reversing previous guidance about the evidence they could use to back their applications, sparking criticism within the industry that an unreliable regulatory process could stifle development of drugs for hard-to-treat diseases.
A former FDA official who spoke to CNBC on the condition of anonymity to speak freely on the issue called the reversals the worst kind of regulatory uncertainty because companies say they are being told one thing and then experience another.
In a statement earlier Friday, an FDA spokesperson said there was “no regulatory uncertainty,” adding the agency “makes decisions based on the evidence, but does not make assurances about outcomes.” The spokesperson said the FDA is “conducting rigorous, independent reviews and not rubber-stamping approvals.”
The most recent controversy came after the FDA discouraged UniQure from applying for expedited approval of its experimental treatment for Huntington’s disease.
The agency, which underwent staff cuts and an overhaul under Health and Human Services Secretary Robert F. Kennedy Jr., has faced broader backlash for its drug and vaccine approvals process. Critics have worried the agency could stifle the development of new treatments and risk the safety of patients.
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Us India Oil Waiver: ‘Releases the pressure on other refineries’: US says India’s Russian oil waiver is a short-term step to stabilise global prices – The Times of India
The United States has said its decision to grant India a temporary waiver to purchase certain Russian oil supplies is a short-term move aimed at stabilising global crude prices amid supply disruptions linked to tensions in the Middle East.US energy secretary Chris Wright said the measure is intended to quickly bring oil stored in floating reserves into the global market and ease immediate supply constraints.
Speaking to ABC News Live, Wright said large volumes of Russian crude are currently stored in tankers around southern Asia and that Washington had encouraged India to buy these cargoes.“We need to get oil on the market in the short term. In the long term, supplies are abundant. There’s no worry there,” Wright said, adding that the temporary step was necessary as oil prices were rising due to constraints in shipments passing through the Strait of Hormuz.“As oil gets bid up a little bit because of those constraints coming out of the Straits of Hormuz, we’re taking a short-term action to say all this floating Russian oil storage that’s around southern Asia,” he said.Wright said the US had asked India to absorb those cargoes. “We’ve reached out to our friends in India and said, ‘Buy that oil. Bring it into your refineries.’ That pulls stored oil immediately into Indian refineries and releases the pressure on other refineries around the world,” he added.He stressed that the waiver does not represent a shift in Washington’s stance toward Moscow. “This is no change in policy towards Russia. This is a very brief change in policy just to keep oil prices down a little bit better than we could otherwise,” Wright said.Earlier in the day, US treasury secretary Scott Bessent announced a 30-day waiver allowing Indian refiners to purchase Russian oil cargoes stranded at sea.“To enable oil to keep flowing into the global market, the treasury department is issuing a temporary 30-day waiver to allow Indian refiners to purchase Russian oil,” Bessent said in a post on X.
Indian refiners step up purchases
Following the waiver, Indian refiners have begun purchasing large volumes of Russian oil floating in Asian waters, reported news agency PTI, citing sources.The companies have snapped up around 20 million barrels of crude, mostly from non-sanctioned entities, though they are seeking legal clarity on whether the exemption also allows purchases from sanctioned firms.The US Treasury’s Office of Foreign Assets Control has issued a licence permitting the delivery and offloading of Russian crude loaded on vessels before March 5, 2026, with transactions allowed until April 4, 2026.The move comes as the widening West Asia conflict disrupts energy shipments through the Strait of Hormuz, through which nearly 40–50 per cent of India’s crude imports typically pass.India, which holds reserves covering roughly 25 days of crude demand, has turned to Russian cargoes at sea to ensure domestic fuel supplies remain stable. Indian refiners had already been importing about one million barrels of Russian oil per day in recent months.Industry estimates cited by PTI suggest around 15 million barrels of Russian crude are currently floating in the Arabian Sea and the Bay of Bengal, while additional cargoes are waiting near Singapore and other routes that could reach Indian ports within weeks.Analysts say the waiver provides short-term relief for India’s energy security, though competition from other buyers, particularly China, may limit the volume of additional Russian oil available.
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