The COVID-19 pandemic has affected the municipal corporation to such an extent that it is considering borrowing money to generate revenue. With its income shrinking and the election year approaching, the Brihanmumbai Municipal Corporation (BMC) is mulling issuing Municipal Bonds to raise money from the open market.

There is a possibility that the BMC sees a deficit in the upcoming budget. In a first, it is looking to fill the huge gap of R6,500 crore between its revenue and spending through the bonds. It claims that its the only solution that would prevent it from disturbing the R80,000 crore worth of fixed deposits.