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By:

Bharati Dubey

17 May 2026 at 1:38:10 am

Raja Shivaji sparks a new era for Marathi cinema

Mumbai: As Raja Shivaji marches steadily towards the Rs 100 crore mark, the film has reignited debate around the future of the Marathi film industry. Having already crossed Rs 80 crore at the Indian box office, the historical drama is now only the second Marathi film after Sairat to achieve the milestone. Its success has raised a larger question within the trade: can a major blockbuster finally attract sustained investment into Marathi cinema, an industry often marked by cycles of growth and...

Raja Shivaji sparks a new era for Marathi cinema

Mumbai: As Raja Shivaji marches steadily towards the Rs 100 crore mark, the film has reignited debate around the future of the Marathi film industry. Having already crossed Rs 80 crore at the Indian box office, the historical drama is now only the second Marathi film after Sairat to achieve the milestone. Its success has raised a larger question within the trade: can a major blockbuster finally attract sustained investment into Marathi cinema, an industry often marked by cycles of growth and slowdown? Much of the buzz surrounding the film stems from the support it received from prominent Hindi film stars, several of whom reportedly came on board to back the project and the industry. Trade analyst Girish Wankhede believes the film’s biggest achievement lies in the scale of collaboration it represents. “The real strength of Raja Shivaji lies in its creative ensemble star cast, which Riteish Deshmukh successfully brought together. By roping in heavyweight Hindi stars like Abhishek Bachchan, Sanjay Dutt, and Salman Khan, the film showcases the immense combined value of cross-industry collaboration. This strong gesture of Hindi cinema’s biggest names extending full support to a Marathi project has created a powerful impression, generating tremendous curiosity and respect for Marathi cinema among audiences, investors, and other industries. It underscores how Marathi films can now command pan-Indian attention and star power,” he says. At the same time, Wankhede feels it may still be premature to call the film a runaway commercial success given its production scale and costs. “What is heartening is the visible new energy and creative fuel that Riteish Deshmukh has infused into Marathi cinema. With him at the helm of affairs, the film looks strong and polished, and this momentum, further amplified by the star support, is already drawing serious attention from investors who were earlier hesitant about the regional space,” he adds. Producer Suniel Wadhwa, Co-Founder and Director of Karmic Films, says the film’s performance could play an important role in rebuilding investor confidence in theatrical cinema. “The success of Raja Shivaji could significantly improve investor confidence in theatrical cinema, especially at a time when many non-film investors have become cautious about the sector. If the film succeeds as a large-scale theatrical event rather than just an opening weekend phenomenon, it will reinforce the belief that culturally rooted Indian stories still possess massive commercial potential across regions and demographics,” he says. However, Wadhwa points out that the industry continues to face deep structural challenges. “One of the biggest is the shortage of true theatrical stars who can create urgency for audiences to step into cinemas. Streaming has created visibility, but not necessarily ticket-selling mythology. At the same time, India remains heavily under-screened, and even strong films often struggle with inadequate show slots, limited showcasing windows, and overcrowded release calendars. Many films today are judged within the first 48–72 hours, leaving little room for organic word-of-mouth growth,” he says. According to him, the theatrical business is evolving rather than disappearing. “Audiences are now reserving cinema outings for event-driven experiences — spectacle, emotion, mythology, action, horror-comedy, and culturally resonant storytelling. Films that can create that collective viewing urgency will continue to attract both audiences and serious investment capital,” he adds. The Marathi film industry has witnessed a mixed year so far. More than two dozen films have released, but only a handful — including Raja Shivaji, Kranti Vidyalay Marathi Madhyam, Aga Aga Sunbai Mahnatay Sasubai, and Super Duper — have performed strongly at the box office. Veteran journalist Dilip Thakur believes Marathi cinema has already begun regaining momentum after the slowdown caused by the pandemic. “New Marathi films are getting launched regularly. The upcoming film Bapya had its screening at Sunny Super Sound, which was attended by non-Marathi journalists in big numbers. The story of Bapya is complex and difficult to make. The point here is that a producer agreed to put his money into the film. Sabar Bonda was another difficult subject which won an award at Sundance. So, producers willing to invest money in such subjects is one positive sign,” he says. Thakur also points to the continued appetite for mainstream Marathi entertainers. “The boom after Sairat still exists in Marathi cinema. There was a setback for four years because of Covid, but the industry has gained momentum. Ravi Jadhav’s new film Fulawara, based on tamasha folk art, will soon go on floors in Pune,” he says. He further notes that Marathi cinema is increasingly attracting investors from outside the industry. “Most Marathi films have non-Marathi investors. They are putting in money because there is business in Marathi cinema. But not every film becomes a hit. Subhash Ghai also produced a few Marathi films. If the subject is good, people are willing to invest,” he adds. Not everyone, however, is convinced that one major hit can alter the industry’s fortunes overnight. Nitin Datar, president of the Cinema Owners Association, remains cautious about reading too much into the film’s success. “Only one film success is not going to bring investors. In the last five years, out of nearly 500 films produced, the success rate has not been encouraging,” he says. Datar acknowledges that the presence of Hindi stars has helped boost the film’s commercial appeal but stresses that Marathi cinema still lacks enough bankable stars capable of consistently drawing audiences to theatres. “The production houses and directors have attracted audiences. Unfortunately, producers haven’t been successful in attracting financial assistance, which has resulted in low production and advertising budgets. But if films succeed in pulling audiences over the weekend, exhibitors automatically increase shows and reduce screenings of underperforming films from other languages. The audience is always there, waiting to visit theatres in large numbers for a good film,” he says. For now, Raja Shivaji has undeniably given Marathi cinema a strong moment in the spotlight. Whether that momentum translates into long-term financial confidence and sustained industry growth remains the larger question.

Balancing the Books

Updated: Feb 14, 2025

Union Budget

The Union Budget speech by the Finance Minister captures public attention with a few headline-grabbing announcements. Yet, buried in the fine print of the 200-page annexure lies the real story of the government’s finances, where money comes from and where it goes. The latest budget for the financial year 2025-26 offers a fascinating glimpse into India’s fiscal priorities, revealing a mix of optimism, discipline and political pragmatism.


The government’s tax revenues are expected to grow robustly, with gross tax receipts budgeted at Rs. 42.7 trillion, up from Rs. 38.53 trillion this year. After transferring Rs. 14.22 trillion to states, the Centre’s net tax revenue will be Rs. 28.37 trillion—an 11 percent increase. Direct tax collections, despite income tax sops costing Rs. 1 trillion, are set to rise by 12.65 percent, driven by expectations of an urban demand revival and a boost to micro, small, and medium enterprises (MSMEs). Indirect taxes, however, are a mixed bag. While the Goods and Services Tax (GST) is forecast to rise to Rs. 11.78 trillion, up from Rs. 10.62 trillion, customs and excise duties remain sluggish.


Beyond taxation, non-tax revenue - profits, dividends, and disinvestment proceeds - is set to rise to Rs. 5.83 trillion. The government expects stronger returns from public sector undertakings (PSUs) and the Reserve Bank of India’s dividend, a trend that has bolstered revenues in recent years. Disinvestment receipts, though, remain modest at Rs. 47,000 crore, indicating a reluctance to aggressively privatize state-owned enterprises.


On the spending side, the government’s total expenditure is budgeted at Rs. 50.65 trillion, with revenue expenditure (day-to-day expenses) at Rs. 39.44 trillion and capital expenditure (long-term investments) at Rs. 11.21 trillion. While capital expenditure has been a key driver of post-pandemic recovery, its share of GDP remains around 4.3 percent, higher than pre-pandemic levels but not significantly increasing. Ministries overseeing infrastructure - railways, roads, and defence - account for the bulk of capital outlay, while social spending remains relatively restrained.


The government’s establishment costs, including salaries and pensions, continue to climb, reaching Rs. 8.68 trillion. Spending on central schemes and subsidies, including food and fertilizer, remains stable at Rs. 4.26 trillion. Defence remains a major cost at Rs. 4.91 trillion, alongside substantial allocations for home affairs and rural development. Meanwhile, the railways, benefiting from increased ticketing revenue, require just Rs. 3,445 crore in support.


But the real challenge lies in managing the deficit. The revenue deficit - the shortfall between regular government income and routine expenses - is expected to fall to Rs. 5.24 trillion (1.5 percent of GDP), down from Rs. 6.1 trillion (1.9 percent). If grants in aid for capital assets are considered as investment rather than expenditure, the effective revenue deficit shrinks further to just Rs. 1 trillion (0.3 percent of GDP). The government’s fiscal deficit, which is the gap between total spending and revenues, stands at Rs. 15.68 trillion (4.4 percent of GDP), down from 4.8 percent this year.


While fiscal discipline appears to be improving, debt remains a concern. The Centre’s outstanding liabilities, which had fallen from 52 percent of GDP in 2013-14 to 49 percent in 2018-19, surged to 61 percent during the pandemic. The government now aims to reduce it to 50 percent of GDP by 2030-31. If nominal GDP grows at 10.5 percent annually, debt will fall within 48.4-51 percent of GDP. This is manageable, but still high by emerging-market standards.


However, fiscal consolidation must be balanced with sustaining economic momentum. Infrastructure spending has underpinned growth in recent years, but private sector participation remains crucial. A slowdown in private investment could strain government finances, forcing a choice between higher borrowing or reduced spending. Meanwhile, rising global interest rates and external shocks, such as oil price fluctuations or geopolitical tensions, could add further uncertainty.


India’s budget reflects a fine balancing act, boosting capital investment while keeping borrowing under control. But whether this fiscal discipline can be maintained depends on external shocks, economic growth, and political pressures. If revenue projections hold and reforms continue, India’s fiscal path may remain steady. But any economic slowdown or populist spending spree could throw these calculations off balance. As ever, the numbers tell a story, but it is the execution that will determine the ending.


(The author is a Chartered Accountant and works at Authomotive Division of Mahindra and Mahindra Limited. Views personal.)

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