Maharashtra Legislative Budget Session 2026 – Complete Summary
The Maharashtra Legislative Budget Session for 2026 began on 23 February 2026 at the Vidhan Bhavan in Mumbai. Governor Acharya Devvrat delivered the address to the joint sitting of both houses (Legislative Assembly and Legislative Council).
In his address, the Governor outlined the vision of ‘Viksit Maharashtra 2047’ (Developed Maharashtra by 2047) and set the target of taking the state’s economy to USD 5 trillion by 2047. He noted that Maharashtra contributes approximately 13.5% to India’s GDP. In 2024-25, the state attracted ₹1.64 lakh crore in Foreign Direct Investment (FDI), which accounts for about 39% of India’s total FDI inflows.
At the World Economic Forum in Davos, Memorandums of Understanding (MoUs) worth ₹30 lakh crore were signed, expected to generate around 40 lakh jobs. The Governor announced new policies, including the Maharashtra Industry, Investment and Services Policy-2025, Bamboo Industry Policy, Gems and Jewellery Policy, and GCC (Global Capability Centres) Policy. Emphasis was placed on infrastructure, agriculture, employment generation, and welfare schemes.
Notable Point: For the first time in Maharashtra’s history, the post of Leader of Opposition remained vacant in both the Legislative Assembly and Legislative Council. The Maha Vikas Aghadi (opposition alliance) described it as an attack on democracy, while Chief Minister Devendra Fadnavis called it a procedural matter.
Economic Survey 2025-26
The Economic Survey was presented on 5 March 2026. According to it, the state’s Gross State Domestic Product (GSDP) for 2025-26 is estimated at approximately ₹49.39 lakh crore to ₹51 lakh crore, with an expected growth rate of around 7.9% to 9%.
State Budget 2026-27
On 6 March 2026, Chief Minister Devendra Fadnavis (who also held the Finance portfolio) presented the Budget for 2026-27.
Key Budget Figures:
- Total expenditure provision: ₹7.69 lakh crore
- Revenue receipts: ₹6.16 lakh crore
- Revenue deficit: ₹40,552 crore
- Fiscal deficit: ₹1,50,491 crore
The Budget was dedicated to the late Deputy Chief Minister and former Finance Minister Ajit Pawar. Fadnavis paid tribute to Ajit Pawar’s 11 budget speeches and announced a memorial and a new civil services award in his honour.
The year 2026-27 was declared as the ‘Year of Social Equality and Harmony’. On the occasion of Mahatma Jyotiba Phule’s 200th birth anniversary, various programmes were announced. Under the Sant Tukaram Maharaj Development Scheme, an AI-based pilot project will be implemented in 75 villages.
Major Focus: Agriculture and Farmer Welfare
The biggest announcement was the Punyashlok Ahilyadevi Holkar Shetkari Karj Mafi Yojana (Farmer Loan Waiver Scheme). Crop loans up to ₹2 lakh as of 30 September 2025 will be waived. Farmers who have been regularly repaying their loans will receive an incentive of ₹50,000. The scheme is expected to cost around ₹35,000 crore.
Other key agriculture announcements:
- ₹20,000 crore subsidy/waiver on electricity bills for farmers using 7.5 HP pumps.
- Maharashtra Natural Farming Mission to be expanded to 5 lakh hectares.
- Integrated supply chain for 14-15 crops.
- Agri Stack for registering 1 crore farmers.
- Digital initiatives: AI-based ‘MahaVistar’ chatbot, ‘Vasudha’ facility, MahaVed, CropSap, etc.
- ₹20,000 crore for solar energy pumps.
- Allocation for fisheries (₹1,240 crore) and women entrepreneurs in animal husbandry.
- Long-term goal: Increase agricultural GDP by 9 times to reach USD 500 billion.
Women, Education and Rural Development
- Mukhyamantri Majhi Ladki Bahin Yojana will continue.
- New scheme announced for single women.
- Scholarships, smart schools, and digital classrooms in education.
- ₹30,000 crore allocated for rural development (roads, water supply, health, and agriculture), including ₹10,000 crore for rural health improvement.
- CM Gram Sadak Yojana: Concrete roads for all villages with population of 1,000+.
- ₹5,000 crore for water conservation.
Infrastructure and Economy
Major push for infrastructure:
- Mumbai Metro expansion, suburban rail, 1,200 km of metro lines, 6,000 km of expressways.
- Development of Mumbai 3.0 (near Navi Mumbai) and Mumbai 4.0 (Vadhavan, Palghar).
- Growth hubs in Pune, Nashik, Nagpur, and Chhatrapati Sambhajinagar.
- Third and Fourth Mumbai projects, Atal Setu–Navi Mumbai Airport connectivity, Coastal Road, Bullet Train station development.
- Subsidies for Electric Vehicles (EV) and green energy; tax concessions on motor vehicles (BS-3/4) ranging from 16-30%.
- Tourism target: Increase footfall from 16 crore to 38 crore; 100% digital tourism experience; development of 5 Jyotirlingas, Pandharpur, and Vasota ropeway.
Industry and employment:
- Policies for startups, GCCs, bamboo, and gems & jewellery sectors.
- Target: Create 50 lakh jobs and attract ₹70 lakh crore in investment.
The state’s debt has reached around ₹9.3 lakh crore, yet the Budget attempts to balance development and welfare schemes while maintaining fiscal discipline.
Legislative Business
- 15 Bills were introduced during the session.
- On 17 March, a Bill to repeal 80 obsolete laws was passed.
- On 16-17 March, the Swatantrya Dharma Vidheyak 2026 (Freedom of Religion / Anti-Conversion Bill) was passed. It aims to curb forced, fraudulent, or allurement-based religious conversions, with punishment of 7-10 years imprisonment and fines. Opposition parties raised constitutional concerns and created some uproar in the House.
- Out of 29 Bills, 27 were passed in both houses.
The session was scheduled to continue until 7 April 2026. Discussions, question hour, and private member bills saw debates until 25 March. The ruling Mahayuti alliance emphasised development, investment, and welfare, while the opposition criticised rising debt, farmer issues, and the vacancy of the Leader of Opposition post.
Overall Assessment
The 2026 Budget Session has placed Maharashtra firmly on the path toward becoming a USD 1 trillion economy by 2030 and a USD 5 trillion economy by 2047. The focus on farmers, women, youth, infrastructure, and technology-driven policies was clearly visible. There was a visible effort to balance debt control, fiscal discipline, and inclusive development.
According to various news sources, this Budget is seen as one that successfully bridges public welfare with ambitious economic goals. Implementation of these announcements will now determine the next chapter in Maharashtra’s progress.
Vikrant Meena Hemant Joshi.
