Finance Minister Sudhir Mungantiwar along with Minister of State for Finance Deepak Kesarkar at the state assembly to present the budget 2018-19 on Friday. Pic/PTI

The pre-election year budget for the state, expectedly, saw no new taxes, but had a record deficit of R15,000 crore and a rising debt burden of Rs 4.61 lakh crore. Despite the negative projections, finance minister Sudhir Mungantiwar said financial recovery was possible, but not without facing some serious challenges such as curtailing expenditure against income.