India, March 14 -- Deputy chief minister and finance minister Ajit Pawar, long experienced in political dexterity, has had to use all his talents while presenting the Maharashtra budget for FY26. For, a slew of populist schemes worth Rs.96,000 crore has led the state to fiscal precarity. Overall debt has risen to Rs.8.39 lakh crore in FY25, the highest ever in the state's history, and the estimated fiscal deficit stands at Rs.1.36 lakh crore; the revenue deficit is pegged at Rs.45,892 crore, higher than even during the pandemic.

If there is one takeaway from these numbers, it is this: Populist politics and good economics don't mix. The Ladki Bahin scheme, for instance, may have propelled the Mahayuti to a decisive win last year, but it m...