Ajit Pawar Unveils Maharashtra Budget, Announces Rs 64,000 Crore for Mumbai Development
Mumbai, 10th March 2025: Maharashtra’s Deputy Chief Minister and Finance Minister, Ajit Pawar, commenced the budget session by acknowledging Prime Minister Narendra Modi’s consistent support for the state. He credited the Ladki Bahin (Beloved Sisters) scheme as a pivotal initiative that strengthened public trust and played a significant role in the newly-formed Mahayuti government’s political stability. Here are the key takeaways from the budget presentation:
1. Surge in Private Investment
Ajit Pawar highlighted a noticeable rise in private sector investments, attributed to increasing market demand and a strong developmental trajectory. Maharashtra continues to lead in foreign direct investment (FDI), reinforcing its position as a key economic hub.
2. Overhaul of Labour Laws and Industrial Policy
The government plans to introduce new labour regulations to enhance workforce efficiency and attract greater investments. A revised industrial policy has been proposed to accelerate economic growth and create a favorable business environment.
3. Expansion of Metro Network and Infrastructure in Mumbai
An allocation of ₹64,000 crore has been earmarked for infrastructure projects in Mumbai, with a focus on metro network expansion to improve urban connectivity.
4. Metro Link Between Navi Mumbai and Mumbai Airports
A metro corridor is planned to connect Navi Mumbai and Mumbai airports, enhancing transport accessibility between the two major hubs.
5. Employment Generation and Road Infrastructure Boost
The state aims to create 50 lakh new jobs over the next five years. In the upcoming year, 1,500 km of new roads will be constructed, while 7,000 km of existing roads will be upgraded to cement roads. Additionally, the Samruddhi Highway project has reached 99% completion.
6. Launch of New Ferry Services
New ferry routes will be introduced between the Gateway of India and Mandwa to improve coastal transportation.
7. Development of Vadhvan Port
The Maharashtra government will contribute 26% towards the development cost of Vadhvan Port in Palghar district. Plans are also underway for a new airport as part of the port project, with operations expected to commence by 2030.
8. Strengthening Logistics Infrastructure and Mumbai’s Growth Strategy
The government aims to develop logistics infrastructure across 10,000 hectares, positioning Mumbai as a major commercial hub with new trade centers to boost economic activities.
9. Investment Agreements Signed at Davos
At the World Economic Forum in Davos, Maharashtra secured 56 Memorandums of Understanding (MOUs) with various companies, paving the way for increased investment and economic expansion.
10. Upcoming Industrial Policy and Investment Goals
A comprehensive industrial policy will soon be introduced, targeting an investment of ₹40 lakh crore and the creation of 50 lakh jobs over five years. Additional sector-specific policies for space and defense, electronics, gems and jewelry, and small and medium enterprises will also be unveiled. The new labor regulations will align with the central government’s labor code.
11. Development of the Mumbai Metropolitan Region
Plans are in place to transform the Mumbai Metropolitan Region into an international economic hub, with trade centers established across seven locations. The region’s economy is projected to grow from $140 billion to $300 billion by 2030 and reach $1.5 trillion by 2047.
12. Proposed Electricity Tariff Structure
The Maharashtra State Electricity Distribution Company has put forth a proposal for fixed electricity tariffs over the next five years, which could lead to savings of ₹1.13 lakh crore in power procurement costs.
13. Environmental and Coastal Protection Initiatives
A ₹8,400 crore initiative is being implemented to address climate change-related disaster risks in coastal districts. Additionally, the “Maharashtra Sustainable Environmental Coastal Protection and Management” project has been sanctioned for various environmental protection measures in Sindhudurg district.
