Monday, Feb 26, 2018 | Last Update : 02:56 AM IST
According to civic officials, BMC’s current fixed deposit amount in various banks is soared by Rs 4000 crore.
Mumbai: The Brihanmumbai Municipal Corporation (BMC) will require funds to the tune of Rs 69,000 crore to spend on its upcoming mega projects. To meet the expenditure, the civic body has decided to withdraw funds from its fixed deposits in various banks. As a part of its efforts to improve city’s infrastructure, the BMC has decided to undertake several important projects, which include Mumbai Coastal Road, Goregaon Mulund Link Road, Waste to Energy Project, Mumbai Sewage Disposal Project, Gargai and Pinjal Projects, Chembur to Wadala tunnels, cycle tracks and major pipeline works among others.
“To complete these projects, we need large funds. Though the Municipal Corporation of Greater Mumbai (MCGM) has adequate reserves to implement its projects, there is no scope for financial profligacy. The increased expenditure is proposed to be met by withdrawing funds from various special funds created as per our long term fiscal policy,” said a senior civic official.
“As many of the projects start this year, there shall be withdrawal from the reserves. The increased expenditure will be met by withdrawing Rs 2743.96 crore from various special funds. This is the first time that the BMC will be withdrawing such a huge amount from its reserves to complete its projects. Thus, while revenue expenditure is checked, the administration is committed to greater emphasis on capital works so as to provide facilities to the citizens under strict financial discipline,” said civic chief Ajoy Mehta, while presenting the annual budget for the year 2018-19.
According to civic officials, BMC’s current fixed deposit amount in various banks is soared by Rs 4000 crore, which means on average they are growing by Rs 1000 crore every month.