Mumbai civic body presents over Rs 50,000 cr budget for first time since 1985
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Mumbai: The Brihanmumbai Municipal Corporation (BMC) has presented a Rs 52,619.07 crore budget for the year 2023-24. The budgetary estimates have crossed the Rs 50,000 crore mark for the first time since 1985.
It is also 14.52% more than the 2022-23 amount of Rs 45,949 crore. "The budget estimates for the financial year 2023-24 are proposed at Rs 52,619.07 crore, which exceeds the budget estimates of 2022-23, that is Rs 45,949.21 crore, by 14.52%," said the budget document.
The BMC administration presented the budget to municipal commissioner Iqbal Singh Chahal who was appointed as administrator by the Maharashtra government in March 2022. This was after the five-year term of corporators ended.
Chahal told the media that the civic administration budget has allocated Rs 27,247.80 crore towards capital expenditure and Rs 25,305.94 crore towards revenue expenditure. "It is for the first time that the civic body is going to spend 52% of the budget estimates on capital expenditure and 48% on revenue expenditure," he added. He further said that health, education, environment, and transparent working are the four pillars of our budget.
According to the budget document, Rs 3,545 crore have been allocated for the ambitious Coastal Road project that is expected to complete by the end of this year. Rs 1,060 crore are earmarked for the Goregaon-Mulund Link Road, which will reduce the travel distance between the Western suburbs of Mumbai and Thane city. Rs 2,825 crore for traffic operations and road projects. "The actual capital expenditure of Rs 8,398.35 crore is incurred up to December 2022, which is 40.26% of the revised estimates for FY 22-23."