Fadnavis presents 1st Budget, announces Rs 2L farm loan waiver

Mumbai: The Maharashtra government on Friday announced a farm loan waiver of up to Rs 2 lakh in the 2026-27 Budget, which also focuses on river-linking projects, women empowerment, youth development, health, start-ups and strengthening social welfare schemes.

CM Devendra Fadnavis, who holds the finance portfolio, presented a Rs 7,69,467 crore Budget in the Assembly, and said Ladki Bahin Yojana, launched ahead of Assembly polls in 2024, will continue with adequate allocation for the scheme targeted at poorer women, who get Rs 1,500 a month.

Fadnavis, who said Maharashtra will be a USD 5 trillion economy by 2047, became the first chief minister of the state to present a Budget.

The highlight of the Budget was the announcement of a loan waiver scheme for eligible farmers, wherein crop credits of up to Rs 2 lakh pending till September 30, 2025, will be written off.

The Punyashlok Ahilyadevi Holkar Shetkari Karjmafi Yojna also includes incentives

of up to Rs 50,000 for farmers who have regularly repaid their loans.

Presenting his first Budget, Fadnavis said revenue receipt in the next fiscal is estimated at Rs 6,16,099 crore and revenue expenditure at Rs 6,56,651 crore.

Thus, revenue deficit is projected at Rs 40,552 crore in 2026-27, he stated.-