Maharashtra Chief Minister Devendra Fadnavis on Friday announced a farm loan waiver of up to Rs 2 lakh while presenting the state Budget for 2026, along with a series of welfare and infrastructure initiatives aimed at strengthening the rural economy and boosting agricultural productivity.
Under the Punyashlok Ahilyabai Holkar Shetkari Karj Maafi Yojana, crop loans of up to Rs 2 lakh taken by farmers and overdue until September 30, 2025, will be waived. The government also announced an incentive of up to Rs 50,000 for farmers who repay their loans regularly.
Fadnavis said the government would continue the popular Majhi Laadki Bahin scheme, which provides financial assistance to women, though the monthly payout will remain at Rs 1,500 for now instead of being increased to Rs 2,100 as previously proposed. He added that adequate funds have been allocated for the scheme and announced that a new welfare policy for single women will soon be introduced with a target to benefit around 25 lakh women.
The Budget allocates Rs 7,69,467 crore in total expenditure for the year. The state faces a revenue deficit of Rs 40,552 crore and a fiscal deficit of Rs 1,50,491 crore, but the government has kept the fiscal deficit below 3 per cent and the revenue deficit under 1 per cent, Fadnavis said.
Highlighting Maharashtra’s economic ambitions, the Chief Minister said the state aims to become a USD 5 trillion economy by 2047. “Maharashtra is the country’s financial engine, and our share will be the biggest,” he said.
During his speech, Fadnavis recited an Urdu couplet to underline the government’s aspirations: “Jab irada bana liya hai unchi udaan ka, fir dekhna fizul hai sar asmaan ka,” indicating that once a high goal is set, no sky is too high to reach.
To strengthen agriculture, the government plans to develop an integrated supply chain for around 15 crops to help farmers access international markets. Artificial Intelligence will also be integrated into the agriculture sector through the Mahavistar AI platform, which will include support for tribal languages.
The Chief Minister announced the implementation of the Agristack initiative, under which more than one crore agriculture cards have already been prepared for farmers, including those from tribal communities. The Budget also proposes the launch of the Maharashtra Organic Farming Scheme and the inclusion of farm labourers under the Gopinath Munde Accident Insurance Scheme.
Fadnavis said that Rs 33,410 crore has been spent under the Pradhan Mantri Awas Yojana (Gramin), with rooftop solar systems to be installed on houses built under the scheme to promote sustainable housing. Around 3.57 lakh houses are expected to be completed under PMAY.
He also noted that 1.31 crore farmer digital IDs have already been created and more than 30 lakh farmers are receiving real-time updates on weather and market prices. All four agricultural universities in the state are using AI-based systems to assist farmers, helping improve productivity and income through the Agristack initiative.
The Chief Minister added that capital investment in agriculture and related infrastructure will be increased over the next four years to further strengthen the sector.
