Despite the second wave of the coronavirus pandemic and -8% growth for 2020-21, there are signs of the revival in Maharashtra's economy.
The Government’s revenue receipts in March were reported at Rs 33,721.36 crore compared to Rs 25,531.51 crore during the corresponding period last year, a rise of 32.07%. The state’s revenue receipts for February were Rs 19,845.76 crore.
State’s total revenue receipts for 2020-21 were Rs 2,51,563.72 crore against Rs 2,84,723.75 crore for 2019-20, down by 11.64%. Further, the 2020-21 revenue receipts were 72.40% with Budget Estimate but 86.90% with Revised Estimate.
Of the Rs 2,51,563.72 crore, Rs 1,55,750.24 crore (84.41%) was through major taxes including state GST while non tax revenue was Rs 13,660.60 crore (90.19%) and Grants in Aid worth Rs 47,526.22 crore (84.73%). As far as GST Compensation received from the Centre for 2020-21, it was Rs 18,117.52 crore for April-September 2020 while the Centre has yet to release Rs 28,833.04 crore for April-January 2021.
A senior officer from the state finance department told Free Press Journal, "The increase in revenue receipts in March is a positive development. The government expects steady recovery to continue in the coming months so that the state can report positive growth in state gross domestic product. The manufacturing and services sector need to revive faster which is a must as agriculture growth was a silver lining in 2020-21 despite coronavirus pandemic induced lockdown and economic downturn.’’
The state had estimated a revenue collection of Rs 3,47,457 crore in the 2020-21 budget. Due to the Rs 14,366 crore reduction in state share tax received from the central government this year, the revised target of revenue collection is fixed at Rs 2,89,428 crore. The budget estimate of total expenditure for the year 2020-21 was Rs 4,04,385 crore but the revised estimate is now Rs 3,79,504 crore for the same in 2021-22.
In the budget of 2021-22, revenue collection is estimated at Rs 3,68,987 crore and revenue expenditure at Rs 3,79,213 crore. The revenue deficit is pegged at Rs 10,226 crore and the fiscal deficit at Rs 66,641 crore. The government has made a provision of Rs 58,748 crore.