States » WestPosted at: Sep 28 2026 10:06PM


Restructuring Public Finances: Chief Minister Devendra Fadnavis Demands 6-Month Fiscal Overhaul in Maharashtra

Mumbai, Sept 28 (UNI) Laying down a strict deadline for complete systemic transformation, Maharashtra Chief Minister Devendra Fadnavis has demanded an aggressive, action-oriented strategy within the next six months to plug financial leakages, eliminate high-interest borrowing discrepancies, and optimize public resource allocation.
Chairing a high-level review meeting of the newly formed Maharashtra Sustainable Public Finance Committee at Sahyadri Guest House, Fadnavis stressed that the expert panel is a core instrument for structural reform rather than a mere formality. Key state officials, including Chief Secretary Rajesh Agarwal and committee chairman Vijay Kelkar, converged to address deep-seated gaps in fund mobilization, accounting standards, and expenditure management.
The Chief Minister flagged a glaring fiscal mismatch wherein various state agencies park funds yielding a meagre 4% interest rate, while the state government is forced to borrow from the open market at steep rates of 8% to 9%.
New mechanisms will be developed to protect agency financial autonomy while deploying safety nets that directly benefit the state's broader economic architecture.The Kelkar-led committee has been instructed to deliver a comprehensive, actionable roadmap focusing on non-tax revenue generation, precise project execution, and strict expenditure efficiency within six months.
The state is stepping up monitoring frameworks for fund management across both central and state-sponsored schemes to ensure capital investments generate maximum socioeconomic return.
With expanding development targets on the horizon, the state administration aims to bridge the gap between large-scale capital requirements and efficient utilization, driving a rigid standard of fiscal prudence.
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Tags: #Restructuring Public Finances: Chief Minister Devendra Fadnavis Demands 6-Month Fiscal Overhaul in Maharashtra
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