Under the farm loan waiver scheme announced in June 2017, the government has so far given approval to banks to transfer Rs23,102.19 crore directly into more than 4.6 million accounts of farmers, and of these, banks had transferred Rs13,782 crore into more than 3.5 million accounts till 6 March, he added. The work order for Shivaji memorial was issued a few days back.
2017-18's Economic Survey report tabled before Maharashtra legislative assembly before this year's budget has declared that the state's gross state domestic product (GSDP) has fallen to 7.3% compared to high growth rate of 10% that was recorded last year.
Former finance minister Jayant Patil, an NCP leader, said that budget was represented out of frustration. The state Economic Survey released on Thursday showed that the state had only spent Rs 529 crore on the arogya scheme up to December 2017. The Budget document concedes that off-budget borrowings for infrastructure projects may result in a substantial increase in the contingent liabilities of the state, but defends the move. "This will be achieved by increasing growth in sectors like agriculture, textiles, tourism, start-ups and by investing in industry with requisite skill development support".
The survey points out that the state has registered an impressive increase of 17.8 per cent in the revenue receipts over past year while keeping the fiscal deficit limited to Rs 38,789 crore. "I shall try to minimise the deficit by reducing avoidable expenditure and effective recovery of revenue".More news: Key Senator Introduces New York Sports Betting Bill
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The government has made a provision of Rs 10,828 crore for road development and planned to spend Rs 7,235 crore on setting up power infrastructure.
He also pointed out that the state expenditure under 37 heads related to agriculture has increased from Rs 24,712 crore in 2011-12 to Rs 83,184 crore in 2017-18 and said that the trust would remain so in the year to come. One of the major tasks the finance minister has before him is to increase state income as fiscal space to raise tax revenues has virtually ended after the introduction of the goods and services tax (GST). A multi-speciality hospital will come up in Sindhudurg with an investment of about Rs 20 crore.
The Supreme Court decision to ban bars within 500 metres from highways hit the state excise department hard. MMRC is developing 69km long metro projects in Pune and Nagpur worth Rs 20,100 crore.
State's fiscal managers said that as part of the new expenditure policy, the government aims at availing sizeable off-budget external commercial borrowings for infrastructure projects relating to mass urban transport systems. State Congress chief Ashok Chavan said that projects were not given enough funds and there was a 30 per cent cut on all important projects.