Maharashtra Budget 2022: Here Are Mumbai’s Key Takeaways

On Friday, March 11, Maharashtra Deputy Chief Minister and Finance Minister, Ajit Pawar tabled the state budget for the financial year 2022-23 at the Vidhan Bhavan in Mumbai. Pawar presented the budget for an hour and eleven minutes.

Here is a list of provisions set aside for Mumbai:

• In an attempt to honour the legendary singer Lata Mangeshkar, a music school dedicated to her will be set up at Mumbai University’s Kalina campus. For this INR 100 crore has been allocated.
• The Marathi Bhasha Bhavan is slated to be inaugurated for which the “Bhoomi puja” will be scheduled on April 2 which happens to be on the auspicious occasion of Gudi Padwa.
• The state finance minister threw light upon the setting up of the Maharashtra Bhavan in Navi Mumbai.
• One innovation hub to be set up in every revenue division in Maharashtra for which an allocation of INR 500 crore has been made.
• Mumbai transmission upgradation project which looks to upgrade the city’s main power transmission network attained funds worth INR 11,530 crore.
• Provisions of INR 100 crores has been made for slum development scheme in the state that is anticipated to have positive effects for Mumbai as well.
• A proposal for a bullet train between Mumbai and Hyderabad was tabled.
• The government also looks to connect the Mumbai Metropolitan region by waterways.
• For the setting up of a veterinary hospital in Mumbai, INR 10 crore funds have been allocated

This was the third budget presented by the MVA government. The state economic survey report was tabled in the state legislative Assembly on Thursday, March 10, just a day before the Budget Session 2022.

It suggested that Maharashtra's economy is expected to grow by 12.1 per cent in 2021-22, which is highest in a decade. To this, Subhankar Mitra, Managing Director, Advisory Services, Colliers India, said, "Maharashtra aspires to grow at 12.1% in the fiscal year 22-23 with a hope of becoming the first state with a trillion-dollar economy. The spending on infrastructure particularly in and around the urban areas would promote development and can augment the supply of affordable housing. There is also a separate fund allocation to improve the slums outside Mumbai, which will help many adjoining areas to have a better living quality".

Similarly, Ajay Sharma, Managing Director, Valuation Services, Colliers India remarked, "On the urban development front, funds to improve slum conditions outside Mumbai will push redevelopment programs and creation of innovation hubs can spur growth in new areas if implemented well. The increased connectivity of Mumbai metro will enhance urban livability and connectivity".

Also Read: Ajit Pawar Announces 10,000 Crore Budget For FY 22-23; Here Are The Key Highlights