{"id":13625,"date":"2026-03-05T16:09:12","date_gmt":"2026-03-05T10:39:12","guid":{"rendered":"https:\/\/devgatha.in\/en\/?p=13625"},"modified":"2026-04-15T16:48:28","modified_gmt":"2026-04-15T11:18:28","slug":"maharashtra-budget-2026-complete-process-guide-history","status":"publish","type":"post","link":"https:\/\/devgatha.in\/en\/finance-minister\/maharashtra-budget-2026-complete-process-guide-history\/","title":{"rendered":"Budget Concept, History, and Process, with reference to the Maharashtra Budget 2026"},"content":{"rendered":"\n

The English word \u2018budget\u2019 has become an integral part of our lives due to its far-reaching implications. But people in general, whether a young college student or a homemaker managing a household, perceive the budget as merely a government accounting process. But in reality, a government budget is much more than that; a budget is an annual, official plan showing a government’s estimated money income (from taxes, borrowing, etc.) and spending plans (on infrastructure, defense, developmental schemes, and other areas) for a specific financial year. It serves as a roadmap to manage public finances, direct economic growth, and fund social welfare. Just as we try to increase our family’s income and maintain a balance between our income and expenses, a nation or a state must also plan in advance to enhance its revenue sources, conserve its resources, and exercise prudence in expenditure. This detailed planning, which is presented before both houses and discussed for approval just before and implemented from the start of a financial year, is what we refer to as the ‘budget.’ Chief Minister Devendra Fadnavis has beautifully elucidated this concept, along with its seemingly complex nuances, in his concise booklet titled \u2018Budget in Simple Language.\u2019<\/p>\n\n\n\n

Typically, the average citizen views the budget through a limited lens, focusing primarily on
what is getting more expensive or cheaper, or whether their tax burden will be reduced. However, the significance of budget extends far beyond these criteria. How the word ‘budget’ came into being is quite fascinating; it is actually derived from the French word \u2018Bougette,\u2019 which means a small leather pouch or purse. In earlier times, Finance Ministers used to carry financial planning statements and documents in a leather briefcase, before presenting them in the parliament or assembly; hence, the term likely became associated with this practice. In 2019, this tradition of leather briefcases in budget presentations was replaced by a bookkeeping ledger with red clothed covers, traditionally used by Indian traders to maintain accounts. Currently, taking the advantage of the ‘Digital India’ initiative, the budget is now presented in a paperless manner, read directly from a digital tablet. A noteworthy fact in this context is that the term ‘budget’ does not appear anywhere in the Indian Constitution; instead, it is referred to as the ‘Annual Financial Statement.’<\/p>\n\n\n\n

Who Presented the State Budget For the Most Number of Times!<\/strong><\/h3>\n\n\n\n

Chief Minister Devendra Fadnavis will present the State Budget for the financial year 2026-27 on Friday, March 6, 2026. This will be Devendra Fadnavis’s second budget. To date, Sheshrao Wankhede holds the record for presenting the budget 13 times as the Finance Minister, followed by Ajit Pawar 11 times, Jayant Patil 10 times, and Sushil Kumar Shinde 9 times.<\/p>\n\n\n\n

What is a Financial Year?<\/strong><\/h3>\n\n\n\n

In India, the budget cycle begins on April 1st and continues until March 31st of the following year. In accordance with constitutional norms, the Central Government presents its financial statement in Parliament, and the State Government in the Legislative Assembly, prior to the commencement of the new financial year, seeking the House’s approval. The Central Government’s budget for the financial year 2026-27 was presented in Parliament on February 1, 2026. The Central Government has designated February 1st as the fixed date for presenting the budget. Consequently, despite February 1st being a Sunday this year, the Finance Minister Nirmala Sitharaman presented the budget in Parliament. In Maharashtra, March 6, 2026 has been chosen for presenting this year\u2019s state budget, Chief Minister Devendra Fadnavis himself will present this year\u2019s budget, as he is holding the additional charge of the Finance Ministry after the sudden death of previous FM Ajit Pawar. Devendra Fadnavis had earlier presented the budget once, for the year 2023-24. Since the financial year 1981-82, a tradition has been established, in which the Maharashtra state budget is presented in the legislature during the month of March, following the presentation of the Central Government’s budget in the parliament.<\/p>\n\n\n\n

Key Components of the Budget<\/strong><\/h3>\n\n\n\n

The budget consists of three main components: the Consolidated Fund, the Contingency Fund, and Public Accounts. The Consolidated Fund encompasses revenue receipts, capital receipts, revenue expenditure, capital expenditure, credit heads (loans and advances), expenditure under credit heads, transfers to the Contingency Fund (funds reserved for unforeseen and urgent expenses), and similar items. The Contingency Fund is a specific corpus established under Article 267 of the Constitution. The limit of this fund was increased from \u20b9150 crore to \u20b9500 crore. Conversely, Public Accounts comprise various types of reserve funds, such as Provident Funds, Insurance and Pension Funds, interest-bearing and non-interest-bearing deposits, advances, employment guarantees, and education cesses.<\/p>\n\n\n\n

Types of Budgets<\/strong><\/h3>\n\n\n\n

Budgets are primarily classified into three types. When the government’s income exceeds its expenditure, it is termed a ‘Surplus Budget.’ When both income and expenditure are equal, it is referred to as a ‘Balanced Budget’; conversely, when expenditure exceeds income, it is known as a ‘Deficit Budget.’ While presenting the budget, the government presents three sets of figures – the Budget Estimates for the upcoming fiscal year, the Revised Estimates for the preceding year, and the ‘Actuals,’ which represent the actual receipts and expenditure figures realized against the budget estimates presented two years prior. The below table, summarizing the Maharashtra Budget 2026-27, explains this:<\/p>\n\n\n\n

\"maharashtra<\/figure>\n\n\n\n

Budget-Related Publications<\/strong><\/h3>\n\n\n\n

Typically, the complete budget estimates are derived from the Budget Speech presented by the Finance Minister in the House. However, in addition to this speech, the set of budget documents includes a concise budget booklet available in both English and Marathi, along with detailed volumes containing information such as budget estimates for revenue, expenditure, and deposits, department-wise budget estimates, the Annual Plan, the Tribal Sub-Plan, and reports on Public Undertakings.<\/p>\n\n\n\n

Thus, following the presentation of the budget in the Legislature, it undergoes discussion and voting within the House, after which the House unanimously approves the budget.<\/p>\n\n\n\n

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