Challenge of financing physical infrastructure and services in Brihanmumbai municipal corporation

Mumbai city is a financial capital of country but at present it is facing acute pressure of rise in population and inadequate infrastructure facilities and services. All the infrastructure facilities are overcrowded and services are not sufficient to present population, commerce and trade purpose. Such facilities are affecting on standard of living of population in city. The revenue sources are increasing for Brihanmunbai Municipal Corporation (BMC) but they are inadequate to finance infrastructure expenditure. The demand of the funds is higher for city environment, institutional reforms, common services and social welfare of population. Municipal Corporation must raise the investment from the capital market through issuing municipal bonds. RBI must either allow commercial banks to provide infrastructure development finance or establish non banking financial institutions for this purpose. Similarly efficient expenditure management, innovative methods of revenue collection will yield better results. BMC must implement public private partnership in maximum infrastructure related projects. It will reduce the debt burden of Municipal Corporation. BMC cannot keep people away from using the municipal corporation services. Services provision at grass-root level is in an important challenge for BMC