Mumbai, July 5 (IANS): Maharashtra Deputy Chief Minister Ajit Pawar, who also holds Finance and Portfolio Departments, on Friday said that their government’s budget proposals will transform the state.

“A slew of proposals including Mukhamantri Ladki Bahin Yojana, free electricity up to 7.5 HP to farmers, three free cylinders to women, training to youth in the additional budget 2024-25 are not election Jumla but the government’s firm commitment to transform the state, expedite growth and spur development of all sections of the society,” the Deputy Chief Minister said.

He said that the opposition should not indulge in setting a “fake narrative” as done during the Lok Sabha elections, adding that it won’t work in the upcoming assembly election as the government is committed to implement the budget proposals backed by the necessary financial allocations.

Deputy Chief Minister in his reply to the budget debate in the state assembly reiterated the state government’s resolve to achieve Maharashtra a trillion-dollar economy, saying that the government has taken several steps in this regard.

“At the current dollar rate, the trillion dollar economy will be worth Rs 82.92 lakh crore. The state economy is expected to be worth Rs 44.44 lakh crore in 2024-25, which is an increase of 10.9 per cent compared to the GSDP of 2023-23,” the Deputy Chief Minister said.

Responding to the opposition’s criticism over rising public debt, the Deputy Chief Minister said that the public debt is expected to be Rs 7.82 lakh crore in 2024-25 which will be 18.35 per cent of the Gross State Domestic Product (GSDP) against the limit of 25 per cent of the GSDP.

He said that as the economy grows the public debt stock is bound to increase but the government is capable of bearing the burden with the increased revenue mobilisation. The government estimates an outgo of Rs 56,722 crore towards interest payment.

The Deputy Chief Minister added that both the revenue deficit of Rs 20,051 crore and fiscal deficit of Rs 1.10 lakh crore estimated in 2024-25 were well within the limits of the GSDP as prescribed in the Fiscal Responsibility and Budgetary Management Act and also as per the limit laid down by the Finance Commission.

He also denied Maharashtra losing the pre-eminence in attracting domestic and foreign investments, saying that the state continues to be number one among other states.

“Don’t indulge in making misleading statements that may impact investment flow,” the Deputy Chief Minister appealed to the opposition.

He also countered the opposition for its charges relating to the flight of industrial projects such as Bulk Drug park, Tata Airbus defence helicopter manufacturing project, and Safran project to other states.

“The government has earmarked the land and it is developing the Bulk Drug project. The government had not received any proposal for the Tata Airbus project. In the case of Safran’s MRO project, Defence Minister Rajnath Singh has already made an announcement. There is no truth in the opposition's claims,” he said.

The Deputy Chief Minister said that the BJP-led NDA government after taking over has cleared the Rs 76,000 crore Vadhavan port project in the state which will create 10 lakh jobs.

He added that the investment in the Vadhavan port may increase further to Rs 1 lakh crore.