Markets: Eerie calm

Markets: Eerie calm

it is not clear when market sentiment can change; as in the past, it can be quite sudden.
At a turn and yet not

At a turn and yet not

RBI could be tempted to cut policy rate to support growth at its bi-monthly review.

No new taxes likely in BMC '13-14 budget

Feb 04 2013, 10:45 IST
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SummaryBMC is set to present a Rs 29,000 crore to Rs 30,000 crore budget for 2013-14 with a major thrust on strengthening its current services and completing pending projects.

BMC is set to present a Rs 29,000 crore to Rs 30,000 crore budget for 2013-14 with a major thrust on strengthening its current services and completing pending projects. No additional taxes or charges are being proposed, and the civic body is unlikely to announce new projects or schemes. The BMC budget in 2012-13 was for Rs 26,581 crore, 26 per cent higher than the previous year.

Civic officials said BMC will place renewed thrust on health, education and information technology areas. For the next year, too, the civic body will devote its resources to ongoing projects. “We will avoid allocating funds for new projects,” said an official.

The ambitious projects taken up during the past three years include complete concretisation of major roads and upgrade of major hospitals. But these are far from complete. The civic body was unable to spend on many projects this year.

With a strengthening of its sources of income this year, BMC can provide for a substantial rise in the next financial year. “We are expecting the budget to increase by 10-15 per cent for the next financial year,” said a senior civic official.

Despite increasing the budget, the civic body was unable to spend even one-fourth of the funds set aside for capital expenditure during the first nine months of 2012-13, according to BMC data.

Mayor and Shiv Sena corporator Sunil Prabhu said, “This year, the focus will be to complete all pending projects and enhance the current services provided by the civic body. We are planning to focus on health infrastructure upgrade, which has been on the cards for past few years, in addition to complete computerisation of civic services,” he said. The civic body is also planning to take up the much promised coastal road project and road concretisation projects, he added.

After allocating a provisional Rs 5 crore for the coastal road in the current budget, BMC is planning to begin the project from Nariman Point to Kandivali in the financial year 2013-14. The civic administration earlier this month invited the request for proposal (RFP) from consultants for a feasibility study and procure nods from the Centre for the Rs 8000 crore project.

Officials said BMC has also planned flyovers for building infrastructure in the city. Environment issues are set to get a further push with the civic body targeting more sewage treatment plants. In addition to octroi, which is

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