Mumbai, Mar 13 (KNN) Maharashtra’s document on fiscal policy has pointed that the various subsidies given under new policies announced during the Magnetic Maharashtra summit have impacted the state’s revenue collection.

The document on fiscal policy states, “Various subsidies are given under new policies of tourism, industry, and Information Technology sector, for example subsidies are given in electricity charges, stamp duty, and other taxes. This have impacted the state’s revenue collection

However, the Maharashtra Finance Minister Sudhir Mungantiwar, in his budget speech on Friday, has listed the industrial promotion policies unveiled recently by the state government as a major achievement.

During the Magnetic Maharashtra business conclave Devendra Fadnavis led state government had rolled out a slew of industrial promotion policies for key industrial sectors including defence, aerospace, logistics and data processing, financial services, textiles, gems and jewellers, and battery-powered vehicle industry to attract global and domestic investors.

The finance minister, in his budget speech, said these policies had been “carefully prepared, notified, and implemented” for boosting the industries and the services sector.

He listed them as initiatives taken with a target of making Maharashtra’s economy a trillion-dollar economy by 2025.

The fiscal document has also said that government’s decision to permit the irrigation development corporations to retain revenue receipts from irrigation projects in their respective regions has caused a huge reduction in receipts.

The finance department has also said that “Cancellation of local body tax (LBT), travel concessions to passengers by the State Road Transport Corporation, and higher electricity subsidies have added to the state’s financial burden.”