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The Maharashtra finance minister, Ajit Pawar presented the additional budget for 2014-15 on 5 June 2014. On 25 February 2014 the minister had presented the interim budget for 2014-15. The additional Budget projected a revenue deficit of Rs 4,103 crore for the current fiscal, against a deficit of Rs 3,017 crore in 2013-14.
According to the state economic survey, during 2013-14, Gross State Domestic Product (GSDP) at constant (2004-05) prices is expected to increase by 8.7% as against 6.2% growth recorded during 2012-13. The Gross Domestic Product of Maharashtra for 2012-13 is estimated at Rs. 13,23,768 crore. The growth of industrial sector is estimated at 8.8 per cent in 2013-14 as against 2.7 per cent in 2012-13.
From the point of giving impetus to the projex activities in the state, the additional budget carried the following measures.
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Annual plan - outlay and expenditure (Rs crore) |
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Year |
Plan outlay |
Plan Expenditure |
% of outlay |
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2007-08 |
20,250
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19,422
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95.9
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2008-09 |
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84.4
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Total |
78,452
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78,452
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78,452
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#Source Planning Department, GoM |
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* Anticipated |
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The state budget also proposes a revision of the State’s Industrial policy announced in January 2013. The policy will be revised soon to provide better incentives to the Industry in the State and to further incentivize the purchase of raw materials from within the State
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An outlay of Rs 2,500 crore has been proposed for the Package Scheme of Incentives (PSI) 2013. The Maharashtra Government has been giving a package of incentives for new/ expansion units located in less developed regions. The PSI-2013 is operation from April 2013 to March 2018. Eligible units in the private sector, State Public Sector/Joint Sector, Co-operative Sector and only for Mega projects of Central Public Sector are considered for providing incentives under PSI-2013
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The Budget has proposed an outlay of Rs 2,836 crore for new road projects and Rs 164 crore for the repair, renovation and restoration of water resources in the state
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An outlay of Rs 100.40 crore has been proposed for projects under the Textile policy of the state. In this policy, projects which do not get the Unique Identity Numbers (UIDs) under the Technology Upgradation Fund Scheme (TUFS) project are not considered. To overcome this problem the state has decided to relax the condition about UID requirement and to further improve the interest subsidy scheme
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Under its Mega Project Policy, the state government has approved 413 megaprojects so far, of which 114 have been commissioned. In January 2014, 10 megaprojects were approved worth an investment of Rs 2,702.79 crore. These include the Nagpur Metro Rail project which is coming up with an investment of Rs 8,000 crore
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The Delhi Mumbai Industrial Corridor (DMIC) is being implemented in Maharashtra jointly by the Maharashtra Industrial Development Corporation (MIDC) and the Delhi Mumbai Industrial Corridor Development Corporation. The shareholding agreement and the state support agreement to set up the Special Purpose Vehicle have been signed. Construction work on the Mega Industrial Park in Shendra-Bidkin in Aurangabad is expected to commence in 2015
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Maharashtra government has decided to confer status of Ultra Mega Project and grant additional incentives to proposed Solar photovoltaic cell manufacturing project of BHEL located at Sakoli in Bhandara district
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The state budget has proposed an exemption in value-added tax on spares of aeroplanes in order to promote the Multi-modal International Cargo Hub and Airport project at Nagpur (MIHAN)
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The Central Government has approved 29 works worth Rs 810 crores in phase-I for Gondia and Gadchiroli districts, to construct 6 bridges and a road length of 468 Kms. Eighteen of these works have been completed so far. Proposal for 58 works in phase-II has been sent to the Government of India
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The Government has adopted a policy to develop ports through privatization. Accordingly, development of 6 ports namely Revas-Avare, Dighi, Dhamankhol-Jaigad, Angre, Vijaydurg and Redi has been started. Goods handling through small ports has increased from 10.41 million tonne in 2008-09 to 24.6 million tonne in 2013-14
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The Government of India has given approval for the Rs 14,574 crore greenfield airport at Navi Mumbai. CIDCO has commenced the tender process for the project implementation
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An outlay of Rs 100 crore has been proposed for the Chatrapati Shivaji Maharaj National Monument project coming up in the Arabian Sea
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SAIL has commenced operations of two major modernisation units at its steel plant at Rourkela, Odisha.
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RINL to commission its steel plant in Visakhapatnam, Andhra Pradesh, by September 2014.
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Suzuki Motor Corporation to invest Rs 18,500 crore, for setting up a new factory in Gujarat.
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Coromandel International has formed a JV with Japanese companies for manufacturing farm machinery.
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JSPL envisages expanding the capacity of its steel plant in Raigarh, Chhattisgarh, by 2020.
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KIOCL is looking forward to augmenting its pellet capacity through a series of JVs with firms in Karnataka, Seemandhra and Odisha
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SAIL is implementing a Rs 72,000 crore modernisation and expansion plan
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