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| By Suvajit Dutta |
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Thursday, December 17, 2009 (13:25:08) |
| Tags : Mumbai, MCGM, government |
Mumbai Municipal Corporation to raise funds of Rs 2,000 crore |
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| Mumbai: The MCGM (Municipal Corporation of Greater Mumbai) is considering to raise a sum of Rs 2,000 crore as the nation's wealthy civic organization tries hard to surmount an economic crunch, which has been created due to huge expenditure on several projects and expected decline in collection of revenue.
MCGM will be raising the fund through general means like fixed deposits and bonds and also via internal loans. They have also sent a formal petition to the State Government requesting for permission to raise internal loans.
The body having a yearly budget of more than Rs 15,000 crore, which is even greater than that of some smaller states, is more probable to experience a decline of nearly Rs 600 crore after collection from Octroi, the primary revenue streams of MCGM, in the present fiscal year. |
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