Uday Samant, Industries Minister of Maharashtra, informed the Maharashtra Legislative Assembly that Rs 12,000 crore from the fixed deposits of the Brihanmumbai Municipal Corporation (BMC) has been allocated for infrastructure development in Mumbai. He said the move reflects the government’s focus on transparency and efficient execution of development projects in the city.
Providing details about the civic body’s financial position, Samant said BMC’s fixed deposits increased significantly over the years—from Rs 62,195 crore in March 2017 to Rs 91,690 crore in 2022. However, the amount later declined to Rs 81,134 crore by 2026. According to the minister, the deposits crossed Rs 90,000 crore during the COVID-19 pandemic, when development activities had largely slowed down.
Speaking during a discussion on infrastructure development raised by opposition legislators, Samant explained that Rs 12,000 crore from the civic body’s reserves has been earmarked for infrastructure works, while Rs 5,500 crore has been set aside separately to meet pension liabilities of municipal employees and retirees, ensuring there are no financial challenges for them.
He further stated that under Phase I of the development programme, nearly 79.74% of projects have been completed. In Phase II, about 56.52% of the works have been finished so far, including the construction and upgrading of 1,048 roads covering around 278.83 kilometres across Mumbai.
Samant also referred to efforts taken to ensure transparency and prevent corruption in civic projects. He cited the case of the Mithi River project, where irregularities worth Rs 65 crore were detected. Following this, older tenders were cancelled, and action was taken against 13 officials.
The minister also spoke about the state’s industrial growth, stating that memoranda of understanding worth Rs 80,588 crore were signed in 2022, which increased to Rs 31.25 lakh crore in 2026. These agreements involved the industries department and agencies such as the Mumbai Metropolitan Region Development Authority (MMRDA) and the Maharashtra State Road Development Corporation (MSRDC).
Samant added that around 70–80% of these agreements involve foreign direct investment, and Maharashtra’s implementation rate of such MoUs since 2022 stands at 75–80%, significantly higher than the national average of 35–40%.
Highlighting major investment initiatives, he mentioned a Rs 1,000 crore foreign direct investment project by a German partner in Supa MIDC in Ahilyanagar, along with industrial development projects in Chhatrapati Sambhajinagar and Gadchiroli aimed at generating employment and promoting balanced regional growth.
Samant urged legislators from Mumbai to support ongoing development initiatives, emphasising the city’s global importance and the government’s commitment to transparency, efficient project implementation and job creation. He also addressed earlier controversies regarding companies such as Vedanta, Foxconn and Airbus moving out of Maharashtra, stating that all investment proposals undergo due diligence and cabinet approval before incentives are granted.
Source: Hindustan Times
