CM Devendra Fadnavis Asks Sustainable Public Finance Committee To Draft Six-Month Roadmap For Maharashtra Financial Reforms

Maharashtra Chief Minister Devendra Fadnavis has directed the Maharashtra Sustainable Public Finance Committee to prepare, within six months, a roadmap for reforms in the state’s financial and administrative systems, with a focus on resource mobilisation, accounting and efficient allocation of available funds.

Review Of Revenue Strategies

Fadnavis chaired a meeting of the committee, constituted to suggest measures for increasing the state’s tax and non-tax revenue, at Sahyadri Guest House in Mumbai on Monday. The Chief Minister said the state needs to move beyond conventional methods of revenue collection and explore new avenues for mobilising resources to finance its overall development plans.

He pointed out that various state agencies currently have around ₹6,000-7,000 crore invested at an interest rate of about four per cent, while the state government has to borrow from the market at interest rates of eight to nine per cent. He called for mechanisms to address this disparity and ensure more effective utilisation of available funds.

Improving Expenditure Management

Fadnavis said innovative financial instruments should be explored to safeguard the funds of various agencies while ensuring that their financial autonomy remains intact.

Emphasising the need to improve expenditure management, the Chief Minister said projects must be completed within stipulated timelines. He noted that shortcomings in fund planning can prevent investments from generating their expected multiplier effect on the economy.

He directed the committee to undertake a comprehensive review of the functioning of the state government and suggest measures to improve expenditure efficiency.

Fadnavis also said the expert committee had not been constituted merely as a formality and that the government would introduce changes in existing procedures and systems based on its recommendations.

Minister of State for Finance Ashish Jaiswal, Chief Secretary Rajesh Aggarwal, committee chairman Vijay Kelkar, committee members Karthik Muralidharan and Ravi Shankar, former Chief Secretary Dr Nitin Kareer, Additional Chief Secretary of Revenue and Forests Department Vikas Kharage, Energy Department Principal Secretary Abha Shukla, Additional Chief Secretary of Finance Department Vikas Chandra Rastogi, Chief Minister’s Secretary Dr Shrikar Pardeshi and Finance Department Principal Secretary Vijay Waghmare, among others, were present at the meeting.

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