₹12,000 cr from BMC's FDs allocated for infra projects in Mumbai: Uday Samant

₹12,000 cr from BMC's FDs allocated for infra projects in Mumbai: Uday Samant

Mumbai, Maharashtra Industries Minister Uday Samant on Friday said ₹12,000 crore from the fixed deposits of the Brihanmumbai Municipal Corporation was allocated for infrastructure development, asserting the government's commitment to transparency and efficient implementation of projects in the city.

₹12,000 cr from BMC's FDs allocated for infra projects in Mumbai: Uday Samant

Samant informed the state assembly that the civic body's FD had increased from ₹62,195 crore in March 2017 to ₹91,690 crore in 2022, but later declined to ₹81,134 crore in 2026.

The FDs had crossed ₹90,000 crore during the COVID-19 pandemic when no development work was undertaken, he said.

During a debate on the issue of infrastructure development in Mumbai raised by the Opposition MLAs, the minister noted that ₹12,000 crore from the BMC's FDs was allocated for infrastructure development, and ₹5,500 crore was reserved separately to meet pension obligations, ensuring no financial difficulties for employees or pensioners.

He pointed out that under Phase I of development, 79.74 per cent of works were completed, while 56.52 per cent of projects were completed in Phase II, including 1,048 roads spanning 278.83 km in Mumbai.

The minister also highlighted measures taken to ensure transparency and curb corruption, citing the Mithi River project, where a ₹65-crore irregularity was uncovered, leading to the suspension of older tenders and action against 13 officials.

In the case of industries, Samant noted that the state government had signed memoranda of understanding worth ₹80,588 crore in 2022, which rose to ₹31.25 lakh crore in 2026, involving both the industries department and state agencies such as the Mumbai Metropolitan Region Development Authority and Maharashtra State Road Development Corporation .

He said that nearly 70-80 per cent of these agreements involved foreign direct investment , and the state's implementation rate of such agreements since 2022 has been 75-80 per cent, higher than the national average of 35-40 per cent.

Samant also cited examples of investment projects, including a ₹1,000-crore FDI project by a German partner in Supa MIDC in Ahilyanagar and ongoing industrial initiatives in Chhatrapati Sambhajinagar and Gadchiroli, which aim to provide employment opportunities and support balanced regional development.

He urged legislators from Mumbai to support development projects, highlighting the city's global significance and the government's commitment to transparency, efficient implementation, and employment generation.

The minister also addressed past controversies regarding the departure of companies including Vedanta, Foxconn, and Airbus from Maharashtra, emphasising that all MoUs undergo due diligence and cabinet approval before facilities are granted.

Samant said both the BMC and Maharashtra government would continue to implement development projects with transparency, ensuring maximum benefit to citizens while attracting domestic and foreign investment.

This article was generated from an automated news agency feed without modifications to text.