Brihanmumbai Municipal Corporation. (File photo)
MUMBAI: The Brihanmumbai Municipal Corporation s (BMC) decision to float ‘Municipal Infra Bonds’ and raise around Rs 4,000 crore for financing infrastructure projects in the city came under sharp criticism from corporators in the civic standing committee meeting on Wednesday, who demanded a status report on the BMC’s finances.
Samajwadi Party Corporator and MLA Rais Shaikh asked if the BMC was going to present a deficit budget. If you are raising Rs 4.000 crore from the market by way of issuing bonds then it means that the BMC’s is facing a deficit. The administration must bring out a status report on the finances and make public how much in the red they are, Shaikh said.