NewKerala.com

BMC Taps Rs 36,623 Cr Reserves & Green Bonds for Mumbai Makeover

The Brihanmumbai Municipal Corporation's new budget proposes mobilizing funds by utilizing Rs 36,623 crore from its strategic reserves and issuing Green Bonds. Key infrastructure allocations include Rs 9,650 crore for bridges and significant funding for major road corridors like the Versova-Dahisar stretch. The budget also introduces new revenue streams like an entertainment tax and policies to regulate advertisements and hawkers. Furthermore, it earmarks substantial funds for health facility upgrades and creating green spaces along the coastal road.

Key Points: BMC Budget: Green Bonds, Strategic Funds for Mumbai Projects

  • Use of Rs 36,623 cr from fixed deposits
  • Rs 1000 cr Green Bonds for eco-projects
  • Rs 9650 cr for 101 bridge works
  • New hawker ID via QR codes
2 min read

Maha: BMC proposes Green Bonds, use of strategic reserves to finance development projects

BMC proposes using Rs 36,623 cr from reserves & Rs 1000 cr Green Bonds to finance bridges, roads, health upgrades, and parks in Mumbai's new budget.

"The remaining Rs 36,623.09 crore will be utilised to fund various ongoing and upcoming infrastructure projects. - BMC Administration"

Mumbai, Feb 25

The Brihanmumbai Municipal Corporation in the annual budget for 2026-27, presented on Wednesday, has proposed a slew of measures, including the use of strategic reserves and Green Bonds, to mobilise funds for financing development projects.

In a significant administrative move following the political shift in the corporation, the BMC has decided to utilise its fixed deposits (FDs) for developmental projects.

The BMC currently holds total deposits of Rs 81,449.32 crore. Out of this, Rs 44,826.23 crore are reserved for statutory liabilities and cannot be touched.

The administration has indicated that the remaining Rs 36,623.09 crore will be utilised to fund various ongoing and upcoming infrastructure projects. Apart from this, the BMC plans to mop up resources through Green Bonds, entertainment tax, hawker regulation and advertisement policy.

The corporation aims to issue 'Green Bonds' worth Rs 1,000 crore to attract investors for eco-friendly infrastructure, which could also fetch a Rs 100 crore central subsidy.

In a move to declutter the city, under its advertisement policy, hoardings larger than 40x40 feet are banned, along with a total prohibition on advertisements on footpaths and building terraces.

The BMC plans to reintroduce entertainment tax from October 2026, following the expiration of the state government's current waiver.

To identify authorised vendors and curb illegal encroachment, the BMC is launching QR code-based identity certificates for all licensed hawkers.

The budget places heavy emphasis on improving Mumbai's infrastructure. A massive provision of Rs 9,650 crore has been made for bridge works.

Currently, 101 bridge projects are underway; 24 are complete, 23 are expected to be finished by March 2026, 31 in 2026-27, and the remaining 23 by 2028-29. Further, Rs 4,000 crore has been allocated for the Versova-Dahisar stretch (Phase 2).

For the Goregaon-Mulund Link Road (GMLR) east-west connectivity project, Rs 2,650 crore was allocated. The BMC continues to bail out the BEST undertaking with a grant of Rs 1,000 crore for the upcoming fiscal year.

Further, BMC has earmarked a total of Rs 7,456.40 crore for the health department, while Rs 1,062 crore is allocated for the redevelopment and modernisation of major facilities, including Sion, Rajawadi, Nair, and the Bandra Cancer Hospital.

The BMC plans to build on-street and off-street parking through Public-Private Partnership (PPP) models, allocating Rs 6,875 crore.

About 53 hectares of land adjacent to the Mumbai Coastal Road will be developed into a green belt and park, with a provision of Rs 950 crore.

- IANS

Share this article:

Reader Comments

R
Rahul R
Green Bonds sound good on paper, but will they actually be used for "eco-friendly" projects or just become another label for regular work? Also, reintroducing entertainment tax from 2026 is a burden on common people. Theatres and multiplexes are already expensive.
S
Sarah B
As someone who lives near Sion hospital, the redevelopment funds are a huge relief. Our public health infrastructure desperately needs this upgrade. Hoping the execution matches the budget promises this time.
A
Aman W
QR codes for hawkers is a smart move to manage footpaths. But the real test is implementation. Will it stop the hafta vasooli and actually create orderly vending zones? The bridge allocation is massive, hope the quality is not compromised for speed.
K
Karthik V
Finally a budget that talks about Goregaon-Mulund Link Road! East-west connectivity has been a nightmare for decades. Rs 2,650 crore is a significant amount. Please, just get it done without delays and cost overruns. The city is watching.
M
Meera T
Banning huge hoardings is a welcome step for safety and aesthetics. After the recent tragic incidents, this was long overdue. However, the PPP model for parking worries me. Will it lead to exorbitant parking fees for citizens? Need transparency here.

We welcome thoughtful discussions from our readers. Please keep comments respectful and on-topic.

Leave a Comment

Minimum 50 characters 0/50