Maharashtra’s Debt Stock To Rise By 10% In 2024-25, Reaching ₹7.82 Lakh Crore | Representative pic
Mumbai: According to the Economic Survey 2024-25, presented in the legislative assembly on Friday, Maharashtra’s debt stock, which includes outstanding loans and liabilities, is projected to rise by 10% to Rs 7,82,991 crore in 2024-25, up from Rs 7,11,278 crore in 2023-24. This means the state incurred a liability of Rs 71,713 crore during the election year – both Lok Sabha and Assembly elections – including the Model Code of Conduct for six months.
About The Debt
The state government has insisted that the debt will remain at 17.3% of the Gross State Domestic Product (GSDP), well within the 25% limit set by the Finance Commission and Maharashtra’s Fiscal Responsibility and Budget Management (FRBM) Rules, 2006. Internal debt constitutes the largest share at Rs6,37,141 crore, making up 81.4% of the total debt stock. Maharashtra’s total expenditure on subsidies for 2024- 25 is expected to be Rs 33,063 crore.
This includes Rs 5,685 crore for concessions in energy tariffs for agricultural pump consumers, Rs 5,000 crore for premium subsidies under the Pradhan Mantri Crop Insurance Scheme, and Rs 3,600 crore for incentives under the Package Scheme of Incentives.
State’s nominal GSDP for 2023-24 is estimated at Rs40,55,847 crore, up from Rs 36,41,543 crore in 2022-23, while real GSDP is expected to be Rs 24,35,259 crore, compared to Rs 22,55,708 crore in 2022-23. The state’s share in India’s total GDP remains the highest at 13.5%. The per capita income for 2024-25 is projected at Rs 3,09,340, up from Rs 2,78,681 in 2023-24. On the other hand, the share of central taxes in state’s revenue is expected to rise by 10.4% in 2024-25 compared to the previous year.
Taxes on income, excluding corporation tax, are expected to be the largest contributor, accounting for 34.7%, followed by corporation tax at 31.5%, and CGST at 30.6%. Non-tax revenue, which includes interest receipts, dividends, and profits, is expected to grow by 8.8% compared to the previous year. Economic services are projected to be the largest contributor, accounting for 52.6%, followed by general services at 18.5%, and social services at 16.7%, according to the 2024-25 Budget Estimate.
