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Maharashtra Chief Minister Devendra Fadnavis has stated that while pre-election welfare schemes such as the Ladki Bahin initiative are exerting a financial burden of Rs 60,000 crore on the state government, efforts are being made to ensure that this does not hinder capital investments.
As per PTI reports, Fadnavis, speaking at a Moneycontrol event on Friday evening, acknowledged the budgetary pressure caused by such expenditure but assured that the government is effectively managing the situation. He emphasised that Maharashtra is striving to balance its budget without reducing capital investment.
"It is true that when you undertake such expenditure (on welfare schemes), it places stress on the budget, but we are able to manage it. And we are attempting to ensure that this does not impact our capital investments," Fadnavis stated.
PTI reports that with the state budget announcement scheduled for Monday, the Maharashtra government is devising strategies to direct the funds disbursed to beneficiary women towards productive uses. The government aims to facilitate the pooling of resources by these beneficiaries to establish sustainable businesses.
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Fadnavis further explained that his administration views such financial assistance as a "social sector investment." He cited an example from his home district of Nagpur, where a collective of women beneficiaries has pooled resources to create a corpus of Rs 30 lakh. This fund is being utilised to provide loans to women entrepreneurs to help them start their own businesses.
According to PTI, the government is keen on replicating this model across Maharashtra by establishing similar financial societies in various parts of the state. The ultimate goal is to create one crore âLakhpati Didis' - women earning Rs 1 lakh or more annually.
Meanwhile, Fadnavis expressed concerns over the state's decision to resist a proposed mega-refinery project, stating that Maharashtra has paid a "huge price" for its stance. He acknowledged that there is now a proposal to divide the project into three parts, each with a capacity of 20,000 metric tonnes per annum. The Chief Minister also confirmed that he recently met with the central government to advocate for Maharashtra as the site for this initiative.
Providing updates on the Dharavi redevelopment project, Fadnavis informed that 75 per cent of the survey of dwellings within the slum has been completed. While the initial deadline was March, the full survey is now expected to be completed by April.
As per PTI reports, the Chief Minister asserted that Maharashtra remains the de facto hub for data centres and financial technology in India. He highlighted a "reverse migration" trend, with start-ups relocating from Bengaluru to Mumbai due to the city's evolving infrastructure and opportunities.
Additionally, Fadnavis disclosed that Maharashtra is actively working to position itself as the preferred location for electric vehicle manufacturer Tesla's upcoming manufacturing plant. He acknowledged that securing foreign direct investment (FDI) is a competitive process among states but noted that Maharashtra's FDI inflows remain significantly higher than those of Gujarat.
"Every state attempts to attract FDI. Maharashtra's FDI inflows are three times that of Gujarat, and missing out on a single project should not be extrapolated as the state falling behind," he remarked.
The Maharashtra government remains committed to striking a balance between welfare spending and infrastructural growth, ensuring that social sector initiatives do not come at the cost of capital investments.
