Maharashtra Chief Minister Devendra Fadnavis recently addressed the financial challenges posed by pre-election welfare schemes, such as the Ladki Bahin scheme, which are costing the state an estimated Rs 60,000 crore. Despite the fiscal pressure, Fadnavis assured that the state is taking steps to ensure that these expenses do not hinder crucial capital investments. Speaking at a Moneycontrol event, he outlined plans to channel the funds into productive ventures, particularly by empowering women entrepreneurs. Fadnavis also discussed ongoing development projects, such as the Dharavi slum redevelopment and efforts to attract foreign investments, including Tesla’s potential manufacturing plant in the state.
Mumbai, Mar 8 (PTI) – Maharashtra Chief Minister Devendra Fadnavis has stated that pre-election welfare schemes, such as the Ladki Bahin scheme, are costing the state Rs 60,000 crore. However, efforts are being made to ensure that these expenses do not affect capital investments.
Ahead of the state budget announcement on Monday, Fadnavis explained that while the government is making substantial payouts through welfare schemes, it is working to channelize the money towards productive purposes, such as supporting women to pool resources for sustainable businesses.
He acknowledged that welfare spending creates budgetary pressure but assured that it would not impact capital investments. “We are trying to balance the budget without reducing capital investment,” he said during a Moneycontrol event on Friday.
These welfare schemes are widely believed to have helped the MVA government retain power, although concerns have been raised regarding their fiscal impact. Fadnavis, however, described these payments as (social sector investments.) He gave an example from his home district of Nagpur, where a group of women pooled Rs 30 lakh to lend to women entrepreneurs, helping them start businesses.
Maharashtra aims to create similar (finance societies)across the state and is working towards the goal of creating 1 crore women entrepreneurs earning Rs 1 lakh or more annually, dubbed (Lakhpati Didis.)
Additionally, Fadnavis addressed the issue of the mega-refinery project, admitting that Maharashtra has paid a heavy price for resisting it. There is now a proposal to divide the project into three smaller parts of 20,000 metric tonnes per annum, and Fadnavis has met with the central government to push for the project to be implemented in Maharashtra.
He also mentioned that 75% of the survey work for the Dharavi slum redevelopment project has been completed, with the entire survey expected to be finished by April, later than the originally planned March deadline.
Fadnavis highlighted that Maharashtra is the de facto hub for data centers and fintech in India and is witnessing a “reverse migration” of startups from Bengaluru to Mumbai. The state is also working to secure Tesla’s manufacturing plant. He pointed out that while every state competes for foreign direct investment (FDI), Maharashtra has attracted three times more FDI than Gujarat, and missing out on a single project should not be seen as the state falling behind.
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Conclusion:
In despite the financial strain caused by welfare schemes, Maharashtra is focused on balancing its budget without compromising capital investments. Chief Minister Fadnavis emphasized the importance of channeling funds into productive initiatives, particularly empowering women entrepreneurs. The state continues to push for significant development projects and attract foreign investments, aiming for sustainable growth and prosperity.
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