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Corporators slam BMC plan to raise funds through bonds for infra projects

Corporators said the administration should submit a detailed report on the bonds and its budget. Samajwadi Party leader Rais Shaikh said,

By: Express News Service | Mumbai |
January 28, 2021 1:26:33 am
BMC, bmc hybrid power plant, Vaitarna dam, Vaitarna dam hybrid power plant, indian express newsThe BMC has inked an agreement with these companies to buy electricity at the rate of Rs 4.75 per unit for the next 25 years. (File)

Criticising the Brihanmumbai Municipal Corporation (BMC) for its plan to raise funds through bonds for infrastructure projects, corporators demanded that a white paper on the entire plan be submitted before the committee. Committe members said the civic administration cannot bring up such a crucial policy without approval from the standing committee.

A senior civic official said the BMC has planned to float municipal bonds and raise Rs 4,000 crore to fund infrastructure projects. A senior official from the Chief Accountant (CA) department said, “The plan is to raise money from the market and fund major infrastructure projects in the future. The policy has not been finalised and everything about it is still under consideration.”

Corporators said the administration should submit a detailed report on the bonds and its budget. Samajwadi Party leader Rais Shaikh said,

“The civic body must disclose how much financial deficit there is since they are raising funds from the market. They need to submit a white paper to the committee on the same.”

Echoing Shaikh’s view, BJP leader Prabhakar Shinde said, “The ruling party and the administration should stop such gimmicks and involve public representatives in crucial policies like these. There has been a lack of clarity on income and expenditure related to Covid and representatives are being kept in the dark about the BMC’s finances.”

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