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

Maharashtra Industries Minister Uday Samant on Friday informed the state Legislative Assembly that Rs 12000 crore from the fixed deposits FDs of the Brihanmumbai Municipal Corporation BMC has been allocated for infrastructure development projects in Mumbai reported news agency PTIThe minister made the statement during a debate on infrastructure development in the city responding to concerns raised by opposition legislators about the utilisation of BMC fundsBMC fixed deposits declined after infrastructure spendingSamant said the civic bodyrsquos fixed deposits increased significantly over the years before declining as funds were utilised for development work reported PTIAccording to the minister BMCrsquos fixed deposits rose from Rs 62195 crore in March 2017 to Rs 91690 crore in 2022 However the amount later declined to Rs 81134 crore in 2026 reported PTIHe explained that the deposits crossed Rs 90000 crore during the COVID19 pandemic period when many development projects were stalled or not undertakenAs infrastructure projects resumed funds from the deposits were allocated for city development worksFunds allocated for infrastructure and pension obligationsSamant said that Rs 12000 crore from the BMCrsquos deposits has been earmarked specifically for infrastructure development across Mumbai reported PTIIn addition the civic body has reserved Rs 5500 crore separately to meet pension obligations ensuring that employees and pensioners do not face financial difficultiesThe minister said the state government remains committed to ensuring transparency and efficient implementation of civic infrastructure projectsRoad development projects progressing across MumbaiHighlighting the progress of development works Samant said that under Phase I of the road development programme 7974 per cent of projects have been completed reported PTIIn Phase II approximately 5652 per cent of the works have been completed so farThe projects include the construction and improvement of 1048 roads covering a total length of 27883 kilometres across MumbaiAction taken against irregularities in Mithi River projectThe minister also referred to efforts to ensure transparency in public projects and curb corruption reported PTIHe cited the Mithi River project as an example where an alleged irregularity of Rs 65 crore was uncoveredFollowing the discovery older tenders were cancelled and action was taken against 13 officials he saidMaharashtra attracting largescale investmentSamant also highlighted the statersquos performance in attracting industrial investmentsHe said the Maharashtra government had signed memoranda of understanding MoUs worth Rs 80588 crore in 2022 which increased significantly to Rs 3125 lakh crore in 2026 reported PTIThese agreements involve the industries department as well as agencies such as the Mumbai Metropolitan Region Development Authority and the Maharashtra State Road Development CorporationAccording to the minister nearly 70ndash80 per cent of these MoUs involve foreign direct investment FDI and Maharashtrarsquos implementation rate of such agreements stands at around 75ndash80 per cent mdash significantly higher than the national average of 35ndash40 per cent reported PTIIndustrial projects planned across regionsSamant cited several investment projects underway in the state including a Rs 1000 crore foreign investment project by a German partner in Supa MIDC in Ahilyanagar reported PTIHe also mentioned industrial initiatives in Chhatrapati Sambhajinagar and Gadchiroli aimed at generating employment and promoting balanced regional developmentThe minister urged legislators from Mumbai to support ongoing infrastructure initiatives emphasising the cityrsquos importance as a global economic hubHe also addressed past controversies related to the exit of companies such as Vedanta Foxconn and Airbus from Maharashtra stating that all MoUs undergo detailed scrutiny and cabinet approval before incentives or facilities are granted reported PTISamant said the BMC and the state government will continue implementing development projects with transparency while ensuring that citizens benefit from improved infrastructure and increased investmentWith inputs from PTI