Maharashtra Budget 2026: Devendra Fadnavis announces Rs 2 lakh farm loan waiver

The Maharashtra government on Friday announced a crop loan waiver of up to Rs 2 lakh for eligible farmers while presenting the Maharashtra Budget 2026 along with a commitment to continue the Mukhyamantri Majhi Ladki Bahin Yojana aimed at supporting economically weaker womenChief Minister Devendra Fadnavis who currently holds the finance portfolio presented a Rs 769467 crore state budget in the legislative assembly and outlined several welfare and development initiatives He also reiterated the state governmentrsquos longterm goal of transforming Maharashtra into a USD 5 trillion economy by 2047Rs 2 lakh crop loan waiver for farmersOne of the key announcements in the budget was the Punyashlok Ahilyadevi Holkar Shetkari Karjmafi Yojana under which crop loans of up to Rs 2 lakh taken until September 30 2025 will be waived for eligible farmersThe chief minister said the scheme is aimed at providing relief to farmers struggling with debt and improving their financial stabilityIn addition to the waiver the government will also provide an incentive of Rs 50000 to farmers who have been regular in repaying their loans recognising their financial disciplineThe announcement is expected to benefit a large number of farmers across the state and provide support to the agricultural sector which continues to face challenges such as fluctuating crop prices and climaterelated uncertaintiesLadki Bahin Yojana to continueFadnavis also confirmed that the Mukhyamantri Majhi Ladki Bahin Yojana launched in 2024 to provide financial assistance to women from economically weaker sections will continue with adequate funding in the upcoming financial yearUnder the scheme eligible women receive Rs 1500 per month as direct financial support from the state governmentThe chief minister said the government remains committed to strengthening social welfare schemes that empower women and support lowincome householdsPush for rural infrastructureThe budget also emphasises improvements in rural infrastructure According to the chief minister all villages with a population of more than 1000 will be connected by concrete roads as part of the governmentrsquos efforts to enhance connectivity and support development in rural areasBetter road connectivity is expected to improve access to markets healthcare and educational facilities in villages across MaharashtraState finances and fiscal outlookWhile presenting the budget Fadnavis outlined the statersquos financial position for the upcoming fiscal yearThe revenue receipts are estimated at Rs 616099 crore while revenue expenditure is projected at Rs 656651 crore This results in a revenue deficit of Rs 40552 crore for the financial year 2026ndash27The fiscal deficit is estimated at Rs 150491 crore though the chief minister said the government has managed to keep it below 3 per cent of the statersquos Gross State Domestic Product GSDP in line with fiscal discipline targetsHe also noted that Maharashtrarsquos revenue deficit has consistently remained below 1 per cent of the GSDP reflecting the statersquos relatively stable financial managementEmotional tribute to Ajit PawarDuring his speech Fadnavis paid tribute to former state finance minister Ajit Pawar who died in an air crash earlier this yearThe chief minister announced that the government would build a memorial in honour of the late Nationalist Congress Party leaderThe assembly witnessed emotional moments as members raised slogans of Ajit Dada Amar Rahe when Fadnavis rose to present the budget Following Pawarrsquos death in January the chief minister has been handling the finance portfolio in addition to his other responsibilities