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Sunday,08-June-2025

Maharashtra

Maharashtra finances not robust, but salvageable with ‘discipline’

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As the Maha Vikas Aghadi (MVA) government readies for its third annual Budget (2022-2023) in early March, the focus is again on the state of the state’s finances.

The state has been grappling – ranking among the worst-hit – with the ongoing Coronavirus pandemic and the series of lockdowns that have played havoc with the economy, revenues and expenditure, and diversion of most resources to the health sector for the masses reeling under the impact of Covid-19.

Till the previous fiscal (2020-2021), the state had notched up a whopping debt of Rs 520,717 crore, mostly comprising unpaid loans and other liabilities.

However, the fiscal deficit percentage vis-a-vis GSDP is 2.1 per cent and the debt stock to GSDP is 19.6 per cent – well within the prescribed limits of 25 per cent, as per the Fiscal Policy Strategy Statement of last year, according to the official data.

“Though appearing huge, the debt figures are an accumulation of the past several years owing to various factors. The average annual addition is in the range of Rs 65,000 cr,” said Dr Ratnakar Mahajan, well-known economic expert and former Executive Chairman, Maharashtra State Planning Board.

Unlike many other states, there are no money-guzzling ‘populist schemes’ operating in Maharashtra – barring one important welfare measure started in Jan/2020 – the affordable meal of ‘Shiv Bhojan Thali’ – which was extended and heavily subsidised after the pandemic lockdowns were imposed in March 2020.

A pet venture of Chief Minister Uddhav Thackeray, the ‘Shiv Bhojan Thali’ – on which the state government has spent less than Rs 500 crore in the past 24 months – proved to be a life-saver for the urban-rural poor and the lakhs of migrants on the move in the early days of the lockdown series.

However, officials say the debt has to be serviced without fail every year – which is the expenditure part of the annual budget – but there is scope for being prudent, said an official of the state Finance Ministry, headed by Deputy Chief Minister Ajit Pawar.

The official – requesting anonymity – explained how the two years of the severe pandemic has hit all sectors of the economy, compounded by the economic slowdown, job losses which are now gradually being rolled back, the farm loans waivers, handling a series of natural calamities, shortfall in all types of tax revenues and also the massive amount of GST dues pending from the Centre.

Dr Mahajan said one of the factors responsible for growing fiscal burden in the past was, finances were raised at higher interest rates for shorter periods, like availing loans at 11 per cent for 3 years.

Some governments managed to overcome this by restructuring the old loans at lower rates of interest for longer periods – say, at 8 or 9 per cent for 5 years – which lessened the burden and spread it over the years less painfully.

Besides, whenever any government takes up new or mega-projects, it becomes the responsibility of the next regime to take it forward with adequate budgetary provisions.

Officials said some like the Metrorail may be top priority to reduce traffic congestion but others like the Bullet Train could wait for a while to prevent diverting scarce resources from other critical sectors, especially during the pandemic period.

Nevertheless, Dr Mahajan feels that with ‘safer and cautious decisions” it is very much possible to bring the state’s finances “well on the track” in just two years.

“This was done in the past during the tenure of the former Chief Minister Sushilkumar Shinde… with certain decisions that helped revive the financial situation and also reduced the state’s debt burden significantly,” he said.

As for the next year’s State Budget (2022-2023), all eyes are on (DCM & FM) Ajit Pawar to see how he juggles with the stretched finances and scarce resources to keep the state afloat amid optimistic signs that it is veering out of the scalding Covid-19 cauldron.

Maharashtra

Police alert for peaceful Eid-ul-Azha in Maharashtra

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Mumbai: Eid-ul-Azha was celebrated peacefully in Mumbai and all of Maharashtra. In Thane, miscreants tried to spoil the atmosphere on Eid-ul-Azha, which was foiled by the police. The police have also taken action against such elements spreading poison on social media. Along with this, peaceful namaz was also offered at the Idgah located at Dogadi Fort in Kalyan. An attempt was also made to ring the bell in the temple located in Fort and at the right time of Namaz, Shiv Sena and Shinde workers gathered and rang the bell, due to which the police took them into custody and prevented the atmosphere from getting spoiled. Police Commissioner Ashutosh Dumbare had made tight security arrangements in sensitive areas like Mumbra, Bhiwandi Police Station, Rabodi Kalyan and Ulhasnagar. In Mumbai too, the police was alert and prepared in the backdrop of Eid-ul-Azha and Qurbani.

Due to the dispute over Qurbani in housing societies, the police had made tight arrangements in such societies where problems had arisen earlier. Along with this, BMC allowed sacrifice in many societies and temporary altars for sacrifice. Muslims performed the ritual of sacrifice with Abrahamic zeal. Apart from this, police guard was also kept on Eidgahs and mosques in Mumbai. Mumbai Police Commissioner Deven Bharti reviewed the situation. According to this, the arrangements in Mumbai were completed. Mumbai Police also kept an eye on the miscreants and monitored social media.

Along with this, Eid-ul-Azha was celebrated peacefully in various districts of Maharashtra, Malegaon, Aurangabad, Beed, Osmanabad, Amravati and all over Maharashtra. No untoward incident was reported from anywhere. Police sources have claimed that Eid was celebrated in a peaceful atmosphere and orders for action against the miscreants were also issued, after which sacrifice was done and the splendor of sacrifice was seen everywhere in Muslim localities.

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Maharashtra

ED took action on 15 places including Mithi river, cleanliness, irregularities, Dino Morea

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Dino Morea ED

Mumbai: The Enforcement Directorate (ED) has raided 15 places including Mumbai in the irregularities case in the cleaning of the Mithi river. The Enforcement Directorate has also claimed to have seized many important documents related to the case while conducting raids in Mumbai and Kochi. The ED has also raided the house of film actor Dino Maurya. The EOW has registered the first FIR in this case, after which the Enforcement Directorate has now started a parallel investigation. The ED has taken this action under the PMLA Money Laundering Act. Dino Maurya has also been involved in this irregularity. The EOW has also questioned him and his brother.

It is said that Dino Maurya and Ketan are close to Shiv Sena leader Aditya Thackeray. Now Dino’s troubles have increased. The EOW has found many important documents and evidence in the Mithi river corruption and irregularities case in Mumbai, so now the ED has also started its action in the case of misuse of funding and illegal tender purchase in this case. Many Shiv Sena leaders are also in the ambit of ED action, because during the Mithi river corruption scam, Shiv Sena was ruling the BMC, so the scope of investigation has become focused on Shiv Sena leaders. EOW has also made significant progress in its action in the Mithi river corruption case in Mumbai. More revelations are expected after the arrival of ED in this case. EOW has taken action against 13 people in this case so far and has also arrested them. In this, political leaders including BMC officials are also on the radar of ED.

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Maharashtra

Mumbai: MLA and SP leader Abu Asim Azmi appeals to avoid sacrificing animals in the open on Eid-ul-Azha

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Mumbai: Mumbai Maharashtra Samajwadi Party leader and MLA Abu Asim Azmi has appealed to Muslims not to perform Qurbani in the open and also follow BMC and government guidelines. Cleanliness is half of faith, so take special care of cleanliness. Not only this, it is mandatory to follow all the guidelines and guiding principles set regarding Qurbani. Take special care of cleanliness and ensure that the brothers and sisters of the country do not face any kind of trouble on Eid-ul-Azha. This is the real teaching of Islam. Celebrate Eid with mutual love, brotherhood and following Sunnat Ibrahimi. Azmi said that the waste of Qurbani on Eid should also be kept in bags and thrown in the dustbin.

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