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The Mumbai Metropolitan Region Development Authority (MMRDA) has earmarked a significant sum of INR 41,955.34 crore for infrastructure projects across the Mumbai Metropolitan Region (MMR). This allocation comes as part of the fiscal year 2024-25 budget approved during an MMRDA authority meeting chaired by Chief Minister Eknath Shinde. The approved budget for the upcoming fiscal year stands at INR 39,453.04 crore, with projected expenditures reaching INR 46,921.29 crore, resulting in an estimated deficit of INR 7,468.25 crore.
In addition to the allocation for infrastructure projects, the MMRDA has also received approval for its revised budget for the preceding year, 2023-24. The approved financial plan for 2024-25 is strategically designed to fund various infrastructure projects and developmental initiatives aimed at enhancing the region's urban fabric. These 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, the Thane Coastal Road, Growth Centres, and the Ramabai Ambedkar Nagar Slum Redevelopment, among others.
To facilitate the execution of these ambitious projects, the Maharashtra government has facilitated approval for raising loans up to INR 60,000 crore. Additionally, a proposal for an additional loan of INR 30,000 crore has also been received and approved. The additional loan amount will be systematically utilized to finance various infrastructure projects across the MMR. Notably, a significant portion of the approved loan amount, totaling INR 30,593 crore, has been allocated by the State-run REC.
Furthermore, the government has guaranteed a loan of INR 12,000 crore in the first tranche, with a proposal for guaranteeing an additional INR 12,000 crore in the second tranche currently awaiting approval. Additionally, a proposal for a INR 50,301 crore loan has been approved by the Power Finance Corporation Limited. These financial arrangements are integral to supporting the progress of MMRDA's innovative infrastructure projects within the MMR.
Chief Minister Eknath Shinde, who also serves as the chairman of MMRDA, underscored the pivotal role played by the MMR in catalyzing growth across the state of Maharashtra. He emphasized that the MMRDA's visionary initiatives are setting the blueprint for sustainable urban development not only within the state but also on a national scale.
Echoing these sentiments, Dr. Sanjay Mukherjee IAS, the commissioner of MMRDA, highlighted the crucial importance of completing these infrastructure projects on time. He emphasized that the citizens of the MMR depend on the timely completion of these projects, which have been entrusted to the MMRDA by the Government of Maharashtra. He expressed confidence that the approval of the submitted budgets by the authority would catalyze the progress of these infrastructure projects, contributing significantly to the sustainable urban development of the MMR.
Overall, the allocation of INR 41,955.34 crore for infrastructure projects by the MMRDA, along with the approval of its revised budget and financial arrangements facilitated by the Maharashtra government, underscores a concerted effort towards realizing the region's vision for sustainable urban development and economic growth. These initiatives, spearheaded by the MMRDA, are crucial in shaping the future landscape of the Mumbai Metropolitan Region and serve as a testament to the commitment towards inclusive and sustainable urban development.
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