Maharashtra's Deputy CM and Finance Minister Devendra Fadnavis presented the 'Panchamrut' 2023-2024 budget for the state on Thursday, March 9. Fadnavis called it the first Budget of the state in the Amrit Kaal.

Share Market Live

NSE

The budget estimate for 2023-24 is Rs 5,47,450 crore, up from last year’s Rs 4,95,404 crore, focusing on five areas: agriculture, infrastructure, marginalised communities and members of society, environment and employment generation.

More than 75 percent of the local bodies in the state are scheduled to to polls in the near future. And with an eye on the upcoming BMC election, the Maharashtra government made several key announcements for India's financial capital.

Mumbai metro

The Maharashtra government along with the centre is constructing a 337 km long metro network. Of which, a 46 km stretch has been opened for traffic. Chief Minister Eknath Shinde said after the budget presentation that another 50 km stretch would be opened within a year.

Fadnavis during the budget presentation announced some new projects that included the Mumbai Metro line 10- Gaimukh to Shivaji Chowk, Mira Road at an estimated cost of Rs 4,476 crore and 12.77 km-long Mumbai Metro line-11, running from Wadala to Chhatrapati Shivaji Maharaj Terminus at an estimated cost of Rs 5,865 crore. Also, a 20.75km Metro line 12 from Kalyan to Taloja will be completed soon at an estimated cost of Rs. 5,865 crore.

Mumbai beautification projects

“For the beautification of Mumbai, 820 public utility improvement works have been undertaken at an estimated cost of Rs 1,729 crore, out of which 121 works have been completed and the remaining works are in progress,” Fadnavis said.

The Eknath Shinde-led Maharashtra government allocated Rs 162.2 crore for the construction of an oval marina (jetty) near the Gateway of India.

Fadnavis also said that the Mumbai Metropolitan Area Development Authority (MMADA) will complete Parsik Hills Tunnel, Mumbai Trans Harbour link projects and various flyover works. Also, the upcoming flyovers likely to open are the Santacruz-Chembur Link Road extension and the Chheda Nagar junction improvement flyover.

Water Supply

The Maharashtra deputy CM also announced a project worth Rs 424 crore is being undertaken in Mumbai to connect Thane and Vasai creeks for water transport around Mumbai.

Giving out details, Fadnavis said, “A project costing Rs.162.20 crore has been approved for the construction of jetty and related facilities for passenger water transport at Radio Club near Gateway of India. This will facilitate passenger transport from South Mumbai to Kalyan, Dombivli, Thane, Vasai creak and Navi Mumbai,” Fadnavis said.

Roads and Highways

Fadnavis in his budget speech also announced the Mumbai-Nagpur Samruddhi Mahamarg will be extended from the Sindkhedraja node to Shegaon in Vidarbha.

The state government has also cleared the revised cost of Rs 6,695 crore for the 'missing link' between Khopoli-Khandala on the Mumbai Pune Expressway,

Also Read: Maharashtra Budget 2023: Tax on ATF slashed, crop insurance at Rs 1 and other top announcements