Maharashtra Sustainable Public Finance Committee asked to review resource mobilisation, accounting and efficient allocation of available funds
Mumbai, Sept 2026 : There is a need to accelerate efforts on three fronts — resource mobilisation, accounting and efficient allocation of available resources — and the Maharashtra Sustainable Public Finance Committee should undertake a comprehensive review of these areas, Chief Minister Devendra Fadnavis said on Monday.
Fadnavis directed the committee to prepare a roadmap for necessary reforms within six months. He said the government would seriously consider and implement the committee’s recommendations to bring about changes in the state’s financial and administrative systems.
The meeting of the Maharashtra Sustainable Public Finance Committee, constituted to recommend measures for increasing the state’s tax and non-tax revenues, was held under the chairmanship of Fadnavis at Sahyadri Guest House.
Minister of State for Finance Ashish Jaiswal, Chief Secretary Rajesh Aggarwal, committee chairman Vijay Kelkar, committee members Karthik Muralidharan and Ravi Shankar, former Chief Secretary Dr Nitin Kareer, Additional Chief Secretary of the Revenue and Forest Department Vikas Kharage, Energy Department Principal Secretary Abha Shukla, Additional Chief Secretary of the Finance Department Vikas Chandra Rastogi, Secretary to the Chief Minister Dr Shrikar Pardeshi and Finance Department Principal Secretary Vijay Waghmare, among others, attended the meeting.
Need to Explore New Sources of Resource Mobilisation
Fadnavis said the state needs to move beyond traditional methods of revenue collection and explore new ways of mobilising resources to finance its overall development plans.
He pointed out that various state agencies have around Rs 6,000-7,000 crore invested at an interest rate of around four per cent, while the state government has to borrow from the market at interest rates of eight to nine per cent.
He said this mismatch needs to be addressed by creating an appropriate mechanism for more effective utilisation of available funds.
At the same time, innovative financial instruments need to be explored to ensure the security of these funds while preserving the financial autonomy of the agencies concerned, the Chief Minister said.
Improve Efficiency of Expenditure Management
Fadnavis also stressed the need to make expenditure management more efficient. He said various projects need to be completed within their scheduled timelines and that shortcomings in fund planning can prevent investments from generating their expected multiplier effect on the economy.
He called for a fresh review of the state’s overall functioning to improve the effectiveness of public expenditure.
The Chief Minister said the expert committee had not been constituted merely as a formality. The government would use its recommendations to bring changes to existing practices and systems, he said.
He directed the committee to examine the state’s financial and administrative mechanisms comprehensively and identify reforms that could improve resource mobilisation, financial management and the effective use of public funds.
