13 March,2026 03:24 PM IST | Mumbai | mid-day online correspondent
Uday Samant. File Pic
Maharashtra Industries Minister Uday Samant on Friday informed the state Legislative Assembly that Rs 12,000 crore from the fixed deposits (FDs) of the Brihanmumbai Municipal Corporation (BMC) has been allocated for infrastructure development projects in Mumbai, reported news agency PTI.
The 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 funds.
Samant said the civic body's fixed deposits increased significantly over the years before declining as funds were utilised for development work, reported PTI.
According to the minister, BMC's fixed deposits rose 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 in 2026, reported PTI.
He explained that the deposits crossed Rs 90,000 crore during the COVID-19 pandemic period when many development projects were stalled or not undertaken.
As infrastructure projects resumed, funds from the deposits were allocated for city development works.
Samant said that Rs 12,000 crore from the BMC's deposits has been earmarked specifically for infrastructure development across Mumbai, reported PTI.
In addition, the civic body has reserved Rs 5,500 crore separately to meet pension obligations, ensuring that employees and pensioners do not face financial difficulties.
The minister said the state government remains committed to ensuring transparency and efficient implementation of civic infrastructure projects.
Highlighting the progress of development works, Samant said that under Phase I of the road development programme, 79.74 per cent of projects have been completed, reported PTI.
In Phase II, approximately 56.52 per cent of the works have been completed so far.
The projects include the construction and improvement of 1,048 roads covering a total length of 278.83 kilometres across Mumbai.
The minister also referred to efforts to ensure transparency in public projects and curb corruption, reported PTI.
He cited the Mithi River project as an example, where an alleged irregularity of Rs 65 crore was uncovered.
Following the discovery, older tenders were cancelled and action was taken against 13 officials, he said.
Samant also highlighted the state's performance in attracting industrial investments.
He said the Maharashtra government had signed memoranda of understanding (MoUs) worth Rs 80,588 crore in 2022, which increased significantly to Rs 31.25 lakh crore in 2026, reported PTI.
These agreements involve the industries department as well as agencies such as the Mumbai Metropolitan Region Development Authority and the Maharashtra State Road Development Corporation.
According to the minister, nearly 70-80 per cent of these MoUs involve foreign direct investment (FDI), and Maharashtra's implementation rate of such agreements stands at around 75-80 per cent - significantly higher than the national average of 35-40 per cent, reported PTI.
Samant cited several investment projects underway in the state, including a Rs 1,000 crore foreign investment project by a German partner in Supa MIDC in Ahilyanagar, reported PTI.
He also mentioned industrial initiatives in Chhatrapati Sambhajinagar and Gadchiroli aimed at generating employment and promoting balanced regional development.
The minister urged legislators from Mumbai to support ongoing infrastructure initiatives, emphasising the city's importance as a global economic hub.
He 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 PTI.
Samant said the BMC and the state government will continue implementing development projects with transparency while ensuring that citizens benefit from improved infrastructure and increased investment.
(With inputs from PTI)
