MMRDA gets ₹41,955 crores in Budget to transform Mumbai's Urban Infrastructure

Naomi Pandya Posted on: 2024-03-06 07:25:00 Viewer: 2,677 Comments: 0 Country: India City: Mumbai

MMRDA gets ₹41,955 crores in Budget to transform Mumbai's Urban Infrastructure

Mumbai, India (Urban Transport News): The Mumbai Metropolitan Region Development Authority (MMRDA) achieved a significant milestone as the Annual Budget for the fiscal year 2024-25 received approval during the 156th meeting of the Authority. With a total allocation of Rs. 41,955.34 Crs, this budget underscores MMRDA's commitment to transformative infrastructure projects across the Mumbai Metropolitan Region (MMR).

Key Highlights of the Approved Budget:

1. Strategic Project Allocations:

The approved budget focuses on key infrastructure ventures aimed at enhancing connectivity and promoting sustainable urban development. Notable projects include the construction of new Metro Lines, the Thane-Borivali Twin Tube Tunnel Road, the Underground Tunnel Road from Orange Gate to Marine Drive, the Versova – Virar Sea Link, Thane Coastal Road, Growth Centers, and the Ramabai Ambedkar Nagar Slum Redevelopment.

2. Financial Breakdown:

The estimated budget for 2024-25 was meticulously presented, showcasing a total receipt of Rs. 39,453.04 Crs and a total expenditure of Rs. 46,921.29 Crs. Despite a projected deficit of Rs. 7,468.25 Crs, Rs. 41,955.34 Crs have been earmarked for critical infrastructure projects, affirming MMRDA's dedication to the region's development.

3. Loan Approvals and Guarantees:

The Government of Maharashtra has provided approval for loans up to Rs. 60,000 Crs, with an additional proposal for an extra Rs. 30,000 Crs. A portion of the approved amount, Rs. 30,593 Crs, has been allocated by REC. The government has guaranteed a loan of Rs. 12,000 Crs in the first tranche, with a proposal for an additional Rs. 12,000 Crs in the second tranche pending approval. M/s. Power Finance Corporation Limited has approved a loan of Rs. 50,301 Crs, contributing significantly to MMRDA's innovative infrastructure projects.

4. Atal Setu Inauguration:

Highlighting recent accomplishments, the Atal Setu, India's longest sea bridge, was inaugurated by the Hon’ble Prime Minister on January 12, 2024. Open for public use since January 13, 2024, this remarkable structure has received praise for reducing travel time between Mumbai and Navi Mumbai and enhancing connectivity. Toll collection is expected to further contribute to MMRDA's revenue.

Leadership Perspectives:

Chief Minister of Maharashtra, Urban Development Minister, & Chairman of MMRDA Shri Eknath Shinde expressed, "MMRDA plays a vital role in catalyzing growth across Maharashtra. With its strategic integration of technology and innovation, MMRDA is setting the blueprint for sustainable urban development not only for our state but the entire nation. The approved budgets reinforce MMRDA's vision for a sustainable future."

Dr. Sanjay Mukherjee, IAS, Metropolitan Commissioner, MMRDA, stated, "The citizens of MMR depend on us to complete these projects on time. The approval for the submitted budgets catalyzes the progress of our infrastructure projects, contributing to the sustainable urban development of the MMR."

The approved budget positions MMRDA for dynamic growth, fostering connectivity, and sustainable development in the bustling Mumbai Metropolitan Region.

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