Mumbai, March 10 (IANS) In a scathing critique during the Legislative Assembly’s budget discussion, senior NCP (SP) legislator and former Finance Minister Jayant Patil on Tuesday dismantled the state government’s fiscal road map, labelling the 2026-27 budget as a “document of deception.”
Patil argued that the government’s rhetoric of making Maharashtra a $5 trillion economy by 2047 is mathematically impossible at current growth rates and warned that the state is hurtling toward a “liquidity crunch.”
Patil challenged the government’s ambitious target of reaching a $5.5 trillion economy (approximately Rs 450 lakh crore) by 2047, terming it a mirage.
“The Math does not add up as the current state GDP stands at $0.55 trillion (Rs 50 lakh crore). To hit the target, the state needs a sustained compound growth rate of 11.5 per cent for the next 21 years. Last year’s growth was 7.3 per cent, with 7.9 per cent projected for 2025-26,” said Patil.
“There is a massive gulf between declaration and action,” Patil noted, pointing out that Maharashtra has slipped from the top spot to fourth in growth momentum among large states, trailing behind Karnataka, Gujarat, and Tamil Nadu.
The former Finance Minister raised alarms over the state’s soaring debt and widening revenue deficit.
State debt has ballooned from Rs 5.76 lakh crore in 2021-22 to over Rs 11 lakh crore today. The state now pays Rs 70,000 crore annually in interest alone. Patil calculated this as Rs 13.31 lakh per minute.
Patil alleged that while the projected revenue deficit was shown as Rs 37,000 crore, actual liabilities including supplementary demands suggested a gap of Rs 1.90 lakh crore.
“Where did the remaining Rs 1.13 lakh crore go? The government simply didn’t release funds to departments — effectively ‘cheating’ the rural administration,” he charged.
Despite the government’s claim of prioritising the farmer, Patil highlighted severe budget cuts.
Funding for the PM Crop Insurance, Namo Shetkari Sanman, and animal husbandry sectors has seen significant reductions, he said.
Patil criticised the Rs 2 lakh loan waiver as stagnant, noting that while the state’s debt tripled, the relief for farmers remained at 2019 levels. He demanded that the deadline for “honest” loan payers be extended from March 9 to March 31 to ensure fair benefit distribution.
Patil accused the government of favouring “contractor-driven” infrastructure projects over human capital. Foreign scholarships were slashed from Rs 40 crore to Rs 15 crore; technical education funds dropped from Rs 1,600 crore to Rs 300 crore.
Patil claimed that the health budget saw a 12.5 per cent cut compared to last year’s revised estimates. Departments for Tribals and Social Justice spent less than 50 per cent of their allocated funds, which he attributed to the Finance Department withholding cash.
Patil slammed the budget for ignoring the threat of Artificial Intelligence (AI) to the state’s service-heavy economy. Citing research from Anthropic, he warned that IT engineers, financial analysts, and customer service roles — the backbone of Maharashtra’s GSDP — are at high risk.
“When entry-level jobs are shrinking and seniors are being fired without notice, why is there no mention of a transition plan in the ‘Viksit Maharashtra’ vision?” he asked.
Patil took a jab at the ruling coalition’s internal dynamics, revealing a lopsided distribution of funds.
“BJP Portfolios got 58.86 per cent of the budget. Shiv Sena (Eknath Shinde) Portfolios: 22.14 per cent and NCP (Ajit Pawar) Portfolios: 19.20 per cent,” he said.
Reciting a poignant Urdu couplet, he warned the junior partners of the coalition that by merging their interests with the “big sea” (BJP), they risk losing their independent identity entirely.
“This budget has neither ‘Artha’ (meaning/wealth) nor ‘Sankalp’ (resolve). It is a budget by the contractors, for the contractors,” Patil concluded.
–IANS
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