Mumbai, 03^rd January 2025

The Finance and Appropriation Accounts of the Government of Maharashtra for the financial year 2023-24 were tabled in the State Legislature on 21st December 2024. These accounts, prepared by the Principal Accountant General (A&E)-I, Mumbai, under the supervision of the Comptroller and Auditor General of India, provide a detailed snapshot of the state’s financial position, including receipts, disbursements, and fiscal outcomes.

Key Highlights:

The State of Maharashtra reported a revenue deficit of ₹13,754 Crore for the year, falling short of the target set under the Maharashtra Fiscal Responsibility and Budget Management Act, 2005, which aimed for a revenue surplus.

On the other hand, the fiscal deficit stood at ₹90,560 Crore, which is 2.24% of the Gross State Domestic Product (GSDP) of ₹40,44,251 Crore. This is within the permissible limit of 3% as per the Maharashtra Fiscal Responsibility and Budget Management Act, ensuring fiscal discipline.

The public debt of the State increased by 15.98% compared to the previous year, rising from ₹5,32,942 Crore in 2022-23 to ₹6,18,113 Crore in 2023-24. Despite this increase, the utilisation of public debt receipts for servicing the debt showed a decreasing trend, dropping from 84% in 2022-23 to 64% in 2023-24, indicating improved debt management.

As of 31st March 2024, the balance in all Personal Deposit (PD) accounts was ₹16,382 Crore. Out of the total 1,248 PD accounts, 268 accounts were reconciled, with corresponding verification certificates submitted to the Treasury Officer.

In terms of receipts and disbursements, the total receipts for the year amounted to ₹5,21,898 Crore. Of this, ₹4,30,596 Crore was from revenue receipts, which included ₹71,350 Crore from the Union Government’s share of taxes and duties. The remaining ₹91,302 Crore came from capital receipts, primarily from borrowings. On the expenditure side, the total disbursements were ₹5,21,898 Crore, which included ₹4,44,350 Crore in revenue expenditure and ₹72,574 Crore in capital expenditure.

Regarding loans and borrowings, the State raised a total of ₹2,12,209 Crore, including ₹1,15,342 Crore from internal debt, ₹10,646 Crore from Government of India loans, and ₹86,221 Crore from other obligations. In parallel, the State discharged ₹1,14,702 Crore in loans, with ₹38,269 Crore going toward internal debt repayment, ₹2,548 Crore for Government of India loans, and ₹73,885 Crore for other obligations.

Read in Detail here: The Finance Accounts and Appropriation Accounts of the Government of Maharashtra for the year 2023-24

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SC/PK

 

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