CM of Maharashtra is looking for fast-track infra work
Recently, Devendra Fadnavis, Chief Minister of Maharashtra assured the industrialists for quick and speedy completion of key infrastructure projects in Mumbai and its suburbs and he allowed the Mumbai’s civic body to float municipal bonds for the first time ever. In a conference, to transform Mumbai, Devendra Fadnavis, stated that it is expected that an ambitious 35-km long coastal road linking the city’s northern and southern extremities will be completed in next two years whereas; the work on the 22.5 km Mumbai trans Harbour link, which will link the Sewri in the island city to the mainland, will start by the end of 2015 and by the time the new airport is ready, which is 2019. CM Fadnavis, the more added that I know it is impossible, however projects much bigger than coastal road have been completed before two years. So let’s try to do it.”
Most of the Mumbai’s infrastructural projects have been delayed due to poor planning and over cost that can cause frustration and anger between the city’s harassed office goers and as well as harassed commuters. it is well known fact that a 4.7 km bridge linking Bandra to Worli took more than 10 years to build whereas; a flyover between Santa Cruz and Chembur took more than 11 years and they cost more than Rs 450 crore, which is pretty high. But CM was sounding positively as he stated that state government was willing to willing to stick their neck out to set an example. It is expected that environmental clearances for coastal road and other projects will be given by the end of monsoon followed by bids for road construction.
Arun Jaitley, Union Finance Minister stated in the conference that through a video link and by giving his support for developing Mumbai as a financial centre. This conference was held to brainstorm the ideas for the development of Mumbai as the world class financial capital of country, so that it can represent the host of industrialists, Jayant Sinha, who is the Union Minister of State for Finance, Fadnavis, other cabinet colleagues and state bureaucrats. In the conference, CM Fadnavis also allowed to Brihamumbai Municipal Corporation to float municipal bonds and it was for the first time when Commissioner Sitaram Kunte complained that they need such flexibility.
Municipal bonds will allow the civil bodies to get the fund from the market to fund the development work for infrastructure projects without relying on the state largesse or tax increases. BMC, which is the richest municipal body in Asia has a budget of Rs 33,514 crore, and it is more than then the market of Punjab National Bank,, which is the fifth largest PSU bank in terms of assets. Giving an instance of how his government has been taking quick decisions, the CM stated that in past two months our state had given sanction to more than 25 development plans that were in the line.
