The first budget of the Devendra Fadnavis 3.0 government, presented by Finance Minister Ajit Pawar, lays out an ambitious roadmap for Maharashtra’s growth. While the budget encompasses various sectors, it presents a mixed bag of opportunities and challenges for the industry and trade sector.
Welcoming Industrial Growth Initiatives
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Friday 07March 2025
The announcement of the Industrial Policy 2025, aiming for ₹20 lakh crore investments and 50 lakh job opportunities, is a promising step. A separate regional policy for the circular economy and new labor laws will provide much-needed regulatory clarity and sustainability-focused development. The introduction of the ‘Maitri’ portal for industrial licenses is a commendable move towards streamlining processes and improving the ease of doing business in the state.
Infrastructure development remains a key focus, with the proposal of a third Mumbai airport near Vadhavan Port, linking it to the Samruddhi Highway for enhanced connectivity. The mining corridor in Gadchiroli will also help unlock the economic potential of the region, fostering balanced development across Maharashtra.
Concerns Over Increased Tax Burden
While the budget prioritizes industrial growth, the increase in taxes and duties on CNG, PNG fuels, vehicle registrations, and property transactions is concerning. At a time when businesses are recovering from economic challenges, additional tax burdens could hamper industrial competitiveness and consumer sentiment.
Boost to Port, Tourism, and Transport Infrastructure
The Maharashtra Marine Development Policy-2023 introduces exemptions on property tax, non-agricultural tax, and stamp duty for port-related projects, which will stimulate coastal tourism and passenger shipping. The conversion of 6,000 MSRTC buses to CNG and LNG, expansion of metro networks in Mumbai, Pune, and Nagpur, and ropeway connectivity under the ‘Durgam Te Sugam’ program will significantly improve public transport and boost tourism.
Agriculture and Renewable Energy Initiatives
The Maharashtra government’s initiative to promote Artificial Intelligence (AI) in agriculture with a pilot project across 1 lakh acres involving 50,000 farmers is a step toward modernizing the sector. Additionally, the 200 MW solar power project worth ₹1,594 crore in Sangli underlines the government’s commitment to sustainable energy production.
Focus on Social Welfare and Water Management
The ₹36,000 crore allocation for the Ladki Bahin scheme, with a proposed increase in grant support, highlights the government’s focus on women’s welfare. Additionally, the ₹1,460 crore allocation for the Gosikhurd National Project will further strengthen Maharashtra’s irrigation infrastructure, ensuring better water resource management.
Conclusion
While the budget provides a strong vision for infrastructure development, industrial growth, and social welfare, the increased tax burden on fuel and property transactions needs reconsideration. The success of the budget will depend on its execution and the balance between revenue generation and industrial competitiveness. Maharashtra’s trade and industry sector looks forward to constructive engagement with the government to ensure inclusive and sustainable growth.
