Sunday, Mar 3 2024 | Time 14:29 Hrs(IST)
Business Economy

BMC presents Budget

Mumbai, Feb 4 (UNI) The Brihan Mumbai Municipal Corporation on Saturday presented the budget of civic body of Rs 52,619 crores.
Additional Commissioner P Velarasu presented the budget to municipal commissioner Iqbal Singh Chahal, who is the state-appointed administrator of the civic body.
The budget has increased by 14.52 pc than last year.
The budget estimate for 2022-23 was Rs 45,949.21 crores.
For the first time since 1985, the administration of the richest municipal body in the country presented the budget to an administrator as the five-year term of its corporators came to end on March 7, 2022.
Talking to media Iqbal Singh Chahal said that in the financial year 2022 - 23, revenue from property tax the second highest source of income was estimated to be Rs 7000 crores a which is revised to Rs 4800 crore a fall by Rs. 2200 crore.
The BMC further said the revenue from DP department expected to be generated is Rs 4,400 crore, while revenue to be generated from property tax is expected to be Rs 6,000 crore.
The BMC is expecting to earn Rs 1707 crore interest on investment. Water charges and sewerage is expected to fetch a revenue of Rs1965. 64 crore and grant from government in lieu of Octroi is Rs. 12344.10 crore.
The BMC has also proposed to place five air purifiers in Dahisar toll naka, Mulund check naka, Mankhurd, Kala Nagar and Haji Ali junction. The BMC allocated Rs. 3,545 crores for the Coastal Road project.
The civic body in the budget has also mentioned that more charging stations for electric vehicles in public parking areas owned by BMC in the financial year 2023-24.
The BMC also announced that there will be no rise in taxes this year. Reportedly, the taxes have not been increased given the upcoming civic body polls.
Mr Chahal further said that
“For the first time in history of BMC, capital expenditure is more than revenue,”.
Of the total Rs 52, 619 crore, capex has been pegged at 52% with an allocation of Rs 27, 247.08 crore while revenue expenditure was allocated Rs 25, 305 crore.
The Capitol expenditure allocation will be used for road, drain and water projects, he added.
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