Despite a flat growth in gross state domestic product (GSDP) at 7.5% in 2019-20 and constraints in revenue mobilisation, the state government has set an ambitious fiscal deficit target of minus 0.68% in 2019-20, minus 0.30% in 2020-21 and minus 0.40% in 2021-22. It also aims to maintain a fiscal deficit of 2.07% in 2019-20, 1.85% in 2020-21 and 1.80% in 2021-22. The proposed revenue and fiscal deficits will be well below the 3% limit prescribed by the 14th Finance Commission. Amid implementation of the 7th Pay Commission and expenditure on drought mitigation measures, the revenue deficit for 2019-20 is estimated at Rs 20,292.94 crore. However, the government expects growth in revenue through an increase in non-tax receipts. The government has projected 15.83% debt stock of GSDP for 2019-20, 16.55% in 2020-21 and 16.55% for 2021-22 which will below 25% of GSDP. According to the Economic Survey 2018-19 and the additional budget for 2019-20 presented by the state finance minister Sudhir Mungantiwar, the state had a debt stock of Rs 4.14 lakh crore which was 15.58% of the GSDP and it was expected to grow at Rs 4.71 lakh crore (15.83%) in 2019-20. Speaking to DNA, an officer from the state finance department said, "Maharashtra has been quite consistent in maintaining fiscal and revenue deficits within the stipulated limits recommended by the Finance Commission. An optimistic target of 2.07% has been set for 2019-20 assuming a normal monsoon and favourable environment which will help accelerate growth." He informed that the government has taken a slew of steps to bring revenue deficit under control. Mungantiwar has estimated revenue receipts of Rs 2.57 lakh crore for 2019-20 against Rs 2.30 lakh crore in 2018-19, a growth of 11.46%. Rating company CARE, in its analysis, said that the state's revenue deficit, which is at Rs 14,960 crore in FY19, is estimated to widen to a 7-year high compared to revenue surplus of Rs 2,082 crore in FY18 . "However, barring the inability to maintain a zero revenue deficit, the state has been in adherence with the fiscal consolidation norms stipulated by the Finance Commission of maintaining the gross fiscal deficit at less than 3% of GSDP, interest as percentage of revenue receipts at less than 15% and debt as percentage of GSDP within the 25% mark," the credit rating agency added.

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