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In the prevailing climate change scenario, to cope with drought, it is necessary to understand the characteristics of meteorological droughts in water-scarce regions to formulate judicial plans for the utilization of water resources. The present investigation, therefore, endeavored to assess the intensity and frequency of droughts over the five semiarid river basins in Maharashtra during the past (1980-2013) and future (2015-50). The study was carried out with the application of standardized precipitation index (SPI) methodology. The agricultural and satellite [normalized difference vegetation index (NDVI)] data were analyzed to understand the effects of meteorological droughts. Although the study area experienced three severe rainfall droughts in 1985/86, 2002/03, and 2011/12, higher frequency of low-intensity droughts is observed, particularly after 2000. The estimation suggests occurrence of moderate, severe, and extreme droughts once in 6, 28, and 50 years, respectively. Among the selected basins, the Agrani, the Karha, and the Man are expected to experience intense droughts and hence require special attention in drought management. The study also highlights that El Nino events considerably retard the monsoon rainfall. However, the occurrence of the positive phase of the Indian Ocean dipole in the El Nino years reduces the intensity of droughts. As agricultural productivity and cropped areas heavily depend on the monsoon rainfall, the meteorological droughts result in agricultural droughts. Moreover, the future warming (by 1.02 degrees C) over the study area is very likely to exacerbate the meteorological droughts (estimated to occur in the 2030s) and increase the agricultural water demand, further adding to an already difficult water management challenge in the study basins.