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Maharashtra presents deficit budget, new tax burden on citizens

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Mumbai: Finance Minister and Deputy Chief Minister Ajit Pawar presented the state budget in the Maharashtra Legislative Assembly today. The public has expressed confidence in us in the assembly elections, so Mahayuti is committed to maintaining their trust. In this budget, special concessions and facilities have been given to the middle class. An attempt has been made to solve the problems of the people. With this resolve, Ajit Pawar has presented the budget for 2025-26, which is the first annual budget presented by the Mahayuti government.

Presenting the budget in the Assembly, Ajit Pawar said in his speech that Maharashtra will not stop, development will not be delayed, he also claimed that large-scale projects will be completed in the state, which will increase employment opportunities and boost the economy.

The state has set a target of an economy of one lakh trillion. Work on the Bengaluru-Mumbai Industrial Corridor is underway. Along with better industrial facilities in the state, employment opportunities and a technical center in the state and establishment of Maharashtra Technical Textile Mission for development work have also been implemented. It has also been assured in the budget that electricity rates will be reduced in the state. Electricity rates in the state will be lower than the rates of other provinces.

Ajit Pawar has also promised to complete many facilities and projects in the state budget. The work of Navi Mumbai airport is 85 percent complete, while work has started on Nagpur airport. Establishment of markets for agriculture has been ensured. Rs 3610 crore has been allocated for the transport department, out of which work has started on a 41 km long metro route in Mumbai.

A special project has been included in the budget for Mumbai, in which Rs 64,783 crore has been allocated for Versova to Madha, Versova to Bhayander Coastal Road, Malind to Goregaon, Thane to Borivali and Orange Gate to Marine Drive underground road to eliminate traffic problems in suburban areas. Thane to Navi Mumbai International Airport will be connected to the international airports of Thane, Dombivali, Kalyan and other important cities.

The work of the missing link at Khapoli-Khandala Ghat on Mumbai-Pune Highway will be completed by August 2025. Mumbai, Navi Mumbai Global Market will be established as well as Taluka Market Committee will be established across the state. Housing Scheme: Financial assistance of Rs 50,000 will be given for the house. Implementation of Pradhan Mantri Awas Yojana will be ensured in the state. Under this scheme, assistance of Rs 50,000 will be provided to each person. Under the Pradhan Mantri Surya Ghar Yojana, Rs 1.30 lakh has been allocated for domestic electricity and Rs 1,000 crore for power generation of more than 500 MW.

The state government has so far spent Rs 33,232 crore on Ladli Behan in the budget, while the Finance Ministry has allocated Rs 36,000 crore for it. A Hope Mall will be started in every district to establish savings banks and 10 malls will be set up in the first phase.

A 200-bed hospital will be built in Thane of Ratnagiri district, which will provide medical facilities to the citizens. The second phase of construction of metro route will be implemented in Pune. In the second phase, Rs 9894 crore has been allocated for two metro routes. Both the metro projects have been sent for approval from the Central Government. A statue of Chhatrapati Shivaji Maharaj will be installed in Sangameshwar. Apart from this, Maratha Shaurya Smarak will be built in Panipat. A statue of Chhatrapati Shivaji Maharaj will be built in Agra.

In this budget of the state government, a new tax has been imposed on the citizens. In this, a lump sum tax of 7% has been ensured on the purchase of cars. This tax has been imposed on electric cars and other things. This tax has been imposed on the purchase of cars worth more than 30 lakhs so that the common citizens do not face any problem. The state government has presented a budget of 7 lakh thousand crores. In this deficit budget, the burden of tax has been imposed on the citizens.

Business

SEBI confirms ban on LS Industries and key individuals amid fraud probe

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Mumbai, May 31: The Securities and Exchange Board of India (SEBI) has confirmed the suspension of LS Industries, its promoter Profound Finance, and four other individuals from participating in the securities markets.

The action comes as part of an ongoing investigation into allegations of fraudulent activities and manipulation of the company’s share price.

The individuals barred include Jahangir Panikkaveettil Perumbarambathu, the promoter of Profound Finance, as well as Suresh Goyal, Alka Sahni, and Shashi Kant Sahni HUF, a Dubai-based NRI shareholder of LS Industries.

SEBI has extended the deadline for completing the investigation until November 15 and has directed all involved parties to cooperate fully with the inquiry.

Back in February 2025, SEBI had issued an interim order banning LS Industries and its associates from trading in the stock market due to suspicious activities.

The regulator also ordered Perumbarambathu to return illegal gains of Rs 1.14 crore that he allegedly earned through the sale of shares under the suspected scheme.

SEBI ‘s probe centres on LS Industries and its associates being involved in a scheme to artificially boost the company’s share price.

Despite having reported almost no revenue for three consecutive financial years (FY22 to FY24) and the first three quarters of FY25, the company’s stock surged dramatically.

Between July 23 and September 27, 2024, the share price skyrocketed from Rs 22.50 to Rs 267.50 — raising the company’s market valuation to an eye-popping Rs 22,700 crore.

This sharp rise in share price occurred without any improvement in the company’s financial performance, raising red flags.

SEBI’s interim findings noted dubious transfers of shares to Perumbarambathu and unusual trading patterns by some individuals.

The regulator stated that these factors strongly suggested a deliberate plan to mislead investors and manipulate the stock.

SEBI emphasised that it appeared, on the surface, that LS Industries and the other parties were involved in a coordinated effort to deceive the market.

“The investigation is ongoing, and the parties will remain barred from market activities until its conclusion,” the market regulator stated.

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Crime

Woman drug supplier arrested in Delhi’s Mangolpuri; ganja seized

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New Delhi, May 31: A woman drug supplier was arrested from Delhi’s Mangolpuri area and 427 grams of ganja was recovered from her possession, police said on Saturday.

The accused was identified as ‘M’. The arrest comes amid the Delhi Police’s ongoing crackdown on narcotics under its ‘Zero Tolerance’ policy and the broader objectives of the Nasha Mukt Bharat Abhiyan (NMBA).

Acting on a tip-off received by Constable Bajrang of Police Station Mangolpuri that a female was allegedly in possession of ganja, a raid was conducted at the specified location.

Constable Bajrang and a female staff member observed a suspicious female carrying a white polythene bag.

“On noticing the presence of police personnel, the suspect attempted to hide. However, the alert police team, with the assistance of a female staff namely W/HC Pooja, swiftly apprehended her,” said Sachin Sharma, Deputy Commissioner of Police, Outer District, New Delhi.

A polythene bag containing 427 grams of ‘ganja’ and Rs 1,470 in cash was recovered from the possession of the accused.

The accused was booked under Section 20(A) of the Narcotic Drugs and Psychotropic Substances (NDPS) Act, 1985 at Police Station Mangolpuri.

Further investigation is underway to identify and apprehend other associates involved in the illegal drug trade, the police said.

In another case on May 29, the Anti-Narcotics Task Force (ANTF) of the Delhi Police Crime Branch arrested Jameel Ahmad, the alleged mastermind of a major drug trafficking syndicate. Ahmed has been absconding for six years.

The case dates back to June 2019, when the then Narcotics Cell (now ANTF) of the Crime Branch seized 500 kg of ganja from a truck at Metcalfe Bus Stand, Kashmere Gate.

Three persons — Aslam Khan and Mausam Khan, both from Nuh district in Haryana, and Jakam Khan from Alwar, Rajasthan — were arrested in connection with the consignment, who revealed that they had committed the crime at the behest of Ahmed.

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National

Delhi records wettest May; IMD issues ‘Orange Alert’ for today

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New Delhi, May 31: Delhi recorded a minimum temperature of 34.8 degrees Celsius on Saturday morning, marking one of the warmer days of the season. However, despite the high morning temperature, this May has been unusual in many ways, including below-normal daytime temperatures, unprecedented frequent rains, and the absence of any heatwave conditions.

In terms of rainfall, May 2025 has been historic for Delhi, with the capital receiving 188.9 mm of rainfall, the highest-ever rainfall recorded in the month of May. This is over 202 per cent more than the normal monthly average of 62.6 mm. In contrast, May 2024 saw just 0.4 mm of rain, which was 99 per cent below average, with not a single rainy day recorded.

According to the India Meteorological Department (IMD), this is only the third time in the last five years that Delhi has seen the mercury stay below 40 degrees Celsius throughout May. Not a single day this month recorded conditions severe enough to be classified as an intense heatwave, making it a rare exception in the typically scorching summer month.

The current spell of unusual weather is being attributed to the early arrival of the monsoon in Mumbai, which has had a ripple effect on weather systems in northern India, including Delhi. However, meteorologists have clarified that the monsoon has not yet arrived in the national Capital, even though conditions have turned significantly cooler and wetter.

The IMD has issued an ‘Orange Alert’ for Delhi-NCR tonight, warning residents to stay alert as thunderstorms and heavy rain are likely. An ‘Orange Alert’ signals potentially disruptive weather, and people are advised to prepare for sudden changes in conditions.

The forecast suggests rain accompanied by thunder and strong winds will continue across Delhi and surrounding areas till June 4. A ‘Yellow Alert’ is also in place for Saturday, with the possibility of rain showers at any time during the day.

Meanwhile, the Air Quality Index (AQI) stood at 167, placing it in the ‘moderate’ category, according to the Central Pollution Control Board (CPCB).

The AQI scale defines values between 101–200 as ‘moderate,’ while 201–300 is ‘poor,’ and 301–400 is considered ‘very poor’.

With unpredictable weather continuing, Delhi people are advised to remain cautious and plan accordingly as the city experiences one of its most unusual Mays in recent history.

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