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The transformation of Mumbai and its expanding metropolitan area will pay a huge price. A large-scale investment of Rs 4 lakh crore is required from the coffers of the state government and its institutions, because the total proposed cost far exceeds Rs 5.01 lakh crore to make the city “prepared for the future”. In order to recover this expenditure, it is also proposed to establish a “unified transportation fund” for which Mumbai people may have to pay taxes.
Need investment At present, the population of MMR is equivalent to that of Australia, and in order to cater to such a large population; MMRDA has made a detailed breakdown of the possible costs that may occur in the next few years. “We will need to invest approximately Rs 4 lakh crore in various projects to prepare Mumbai and MMR for the future,” said SVR Srinivas, MMRDA Metropolitan Commissioner. On Thursday, there was also a panel discussion on CTS-2, which was composed of senior officials from state and central government agencies.
According to the source, some of the discussion points include resource mobilization, current income resources, and proposed sources of income for capital, operation and maintenance; timely implementation of the inadequacy of the transportation and transportation infrastructure planned in the MMR. According to the report, the total expenditure will reach Rs 5.01 lakh crore. This includes spending Rs 2.21 crore on a network of Metro rail, Rs 95,608 crore on suburban trains, Rs 16,000 crore on dedicated bus lanes and buses, Rs 1.14 crore on development of highways, passenger water transport will require Rs 1,875 crore, Rs 3,550 crore for bus terminals, Rs 1,500 crore for rail terminals, Rs 2,000 crore plus on truck terminals and more than Rs 45,200 crore on vehicle management systems.
For example, BEST has approximately 3,500 buses, and its fleet needs at least 10,000 buses in order for people to leave private cars and turn to public transportation,” said Aaditya Thackeray, Minister of Tourism and Environment. Means of generating income MMRDA also proposes to levy a certain percentage of development costs and include it in stamp duty to recover from Mumbaikars of MMR.
The report pointed out that it is possible to generate revenues of Rs 3.67 to 41 crore through various means. CTS-2 states that they can levy a 5% tax on goods and a 2-3% tax on fuel; they can levy taxes on the purchase of new cars, wage structure, paid parking, advertising and sales, and the reconstruction of areas around railway and subway stations And tariffs; all of this will help generate Rs 1.03 lakh crore in revenue between 2022 and 41. They also suggested the percentage of taxes and duties that could be levied on the proposed development of residential, commercial and industrial areas.
News Source : FREE PRESS
