Maha budget – a mirage of grand dreams amid economic strain, says Shiv Sena(UBT) in Saamana
Mumbai, March 7 (IANS) The Shiv Sena(Uddhav Balasaheb Thackeray) on Saturday raised a stern alarm regarding the state’s “deteriorating” financial health.
“Maharashtra is currently grappling with a massive debt estimated between Rs 9.5 to Rs 10 lakh crore,” the party said.
While Chief Minister Devendra Fadnavis dedicated the annual budget presented in the state Assembly on Friday to former Deputy Chief Minister late Ajit Pawar and lauded his strict financial discipline, it claimed that such discipline is notably absent from the current fiscal plan.
The Thackeray camp in the party mouthpiece Saamana editorial said, “The habit of ‘celebrating festivals on borrowed money’ has disrupted the state’s economic discipline. With the state treasury reportedly depleted, questions persist regarding how grand announcements will be funded. While the Chief Minister showered the state with promises – akin to a ‘rain of announcements’ – the reality of the crumbling economy suggests that this budget may lead more to disillusionment than development. Fadnavis outlined a vision to build Maharashtra’s development “infrastructure” by the year 2047. The long-term focus serves more as a ‘mirage of dreams’ rather than addressing the immediate economic realities of 2026.”
The editorial said that there is a famous saying: “When the Lord gives with a thousand hands, how much can you take with only two?”.
Looking at the Chief Minister’s budget speech, which rained down schemes, proposals, and declarations, one wonders if the people of Maharashtra will fall short of hands to receive them. However, the state treasury is empty, it said.
It asked where the state government will raise the funds for this “rain of announcements”.
According to the editorial, the government spends a massive Rs 64,000 crore interest payment.
“Comparing the total debt to the population, every citizen of Maharashtra carries a debt burden of Rs 82,000. The state appears to be heading toward economic bankruptcy day by day. The habit of ‘celebrating festivals on borrowed money’ has broken the state’s economic discipline,” the Thackeray camp said.
“In these circumstances, this budget has proven to be a disappointment in terms of shaping a crumbling economy. While the Chief Minister promised the creation of millions of jobs through the ‘Invest Maharashtra’ platform, the government should provide an objective ‘report card’ of these jobs and employment opportunities,” remarked the Thackeray camp.
However, the editorial said that one satisfying aspect of the budget was the announcement of loan waivers for farmers. Fulfilling a campaign promise, the Chief Minister announced a loan waiver scheme in the name of Punyashlok Ahilyadevi Holkar.
“However, this is not a complete debt buyout. The nature of the scheme is a waiver of up to Rs 2 lakh for farmers whose crop loans were overdue as of September 30, 2025, and an incentive subsidy of Rs 50,000 for farmers who pay their loans regularly. While this is a good announcement, the government must ensure that officials do not keep farmers dangling with ‘eligible’ and ‘ineligible’ criteria during implementation,” it added.
The Shiv Sena(UBT) referred to the Chief Minister’s statement that the government has identified four pillars to boost Maharashtra’s development: Progressive, Sustainable, Inclusive, and Good Governance but took a swipe at him terming it as a “carrot.”
–IANS
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