The country's richest municipal corporation is losing its money. For the first time in a decade, the Brihanmumbai Municipal Corporation's (BMC) fixed deposits (FDs) faced negative growth. In the first seven years of this decade, the annual growth rate of the FDs was 17 per cent, which came down to six and three per cent in the past two years.

Not just COVID-19, but mega-projects like the Coastal Road, Mumbai Sewage Disposal Project (MSDP) and funding for the BEST have added to the BMC's burden.