Mumbai: Fulfilling a key election promise, Chief Minister Devendra Fadnavis on Friday announced a crop loan waiver for farmers while presenting the Maharashtra Budget for 2026–27. The ₹7,69,467 crore budget projects a revenue deficit of ₹40,552 crore and a fiscal deficit of ₹1,50,492 crore.
While the Chief Minister presented the budget in the State Assembly, minister of state for finance Ashish Jaiswal tabled it in the Legislative Council.
The ₹40,552 crore revenue deficit comes against projected annual revenue collections of ₹6,16,099 crore, while estimated expenditure stands at ₹6,56,651 crore. Fadnavis also clarified that the Mukhyamantri Ladki Bahin Yojana will continue.
Naming the loan waiver scheme the Punyashlok Ahilyadevi Holkar Shetkari Karjmafi Yojna, Fadnavis said crop loans of up to ₹2 lakh taken till September 30, 2025, will be waived. Farmers who have repaid loans regularly will receive an incentive of ₹50,000.
Fadnavis announced that a memorial would be built in honour of the former Finance Minister, who had presented 11 state budgets.
During his nearly 90-minute speech, the Chief Minister outlined the government’s Viksit Maharashtra 2047 vision, which aims to transform the state into a $5 trillion economy. With a focus on agriculture, allied sectors and governance reforms, he said Maharashtra aims to become a $1 trillion economy by 2030.
To achieve this target, the government plans to accelerate infrastructure development in major urban centres such as the Mumbai Metropolitan Region (MMR), Pune and Nagpur.
Among the major infrastructure projects, the Sewri–Worli connector aimed at easing congestion in Central Mumbai is scheduled to be completed by September 2026 and will link the western side of the city with the Atal Setu.
South Mumbai will also be connected to the Samruddhi Expressway by 2028. Plans are underway to build underground tunnels in Mumbai and Pune to ease traffic bottlenecks.
The state is currently developing a 1,200-km metro rail network and plans to build over 6,000 km of expressways by 2047.
Apart from the crop loan waiver, the government will spend ₹20,000 crore to provide free electricity to farmers operating water pumps of up to 7.5 HP.
A pilot project in 75 villages will also provide farmers with real-time information on weather patterns, crop trends and soil health to improve productivity.
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The CM further announced a Startup and Innovation Centre at Wadala on a 130-acre land parcel. A new commissionerate will also be set up to provide end-to-end support to MSMEs.
The state will invest ₹5,000 crore over the next five years to develop the MMR, Pune and Nagpur as major growth hubs.
Fadnavis also announced a new film city at Ramtek in the Vidarbha region to decentralise the state’s entertainment industry. Development of Ramsrishti and Kalidas Srishti at Ramtek, support for a biopic on Mahakavi Kalidas, and the development of religious sites linked to the Mahanubhav Panth were also announced.
An ambitious programme to concretise roads in villages with populations of more than 1,000 was also unveiled.
Fadnavis said the government plans to develop 50 tourist destinations. The state aims to increase tourist arrivals from the current 16 crore to 38 crore annually by 2047.
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