NCP (SP) demands white paper on Maharashtra's financial condition

“We demand an immediate publication of a white paper that thoroughly examines and outlines the financial condition of Maharashtra and a detailed analysis of the state's debt situation, expenditure patterns, revenue sources and the economic impact of current policies,” NCP (SP) chief spokesperson said.

Mumbai: Days after the Maharashtra government tabled Economic Survey 2023-24 and Budget 2024-25, the Sharad Pawar-led NCP (SP) demanded a white paper on the financial condition of the state.

“The people of Maharashtra deserve clarity and assurance regarding the state's financial health and future,” NCP (SP) chief spokesperson Mahesh Tapase said in a letter to Deputy Chief Minister Ajit Pawar, who holds the Finance and Planning portfolios.

The demand assumes significance in wake of the fact that the state’s debt has mounted to Rs 7.82 lakh crore, which he said was a result of the government's failure to implement effective fiscal policies and prudent financial planning.

Besides, he added that the budget presented did not provide a clear roadmap to alleviate the burden of this debt.

“The absence of concrete steps to manage to reduce the state’s debt is worrisome and raises questions about the financial sustainability and future economic health of Maharashtra,” he said.

According to Tapase, while the government plans to make Maharashtra a one trillion dollar economy, which is commendable, there is a lack of detailed planning and actionable strategies.

“The reliance on increased borrowing without a robust plan for asset creation and revenue generation cast doubt on the feasibility of this ambitious target,” he said.

“We demand an immediate publication of a white paper that thoroughly examines and outlines the financial condition of Maharashtra and a detailed analysis of the state's debt situation, expenditure patterns, revenue sources and the economic impact of current policies,” he said.