Mumbai's Record ₹80,000 Crore Budget Expects No New Taxes
Mumbai's municipal corporation (BMC) budget is projected to reach a record ₹80,000 crore (approx. $9.6B) for the upcoming fiscal year. The budget is expected to be presented without any new taxes for residents, signaling a focus on infrastructure and public services funded by existing revenue streams.
- This is the first budget presented to an elected body of corporators in four years; since March 2022, the budget had been presented to a state-appointed administrator as elections were delayed. - The budget's revenue relies on key sources like ₹15,550 crore from compensation for the abolished octroi tax, ₹12,050 crore from development plan fees, and a projected ₹7,000 crore from property tax. - Capital expenditure on infrastructure projects accounts for 60% of the total budget, amounting to ₹48,164.28 crore. This continues a recent trend of prioritizing large-scale projects. - Major funding has been allocated to critical transport infrastructure, including ₹4,000 crore for the Versova-Dahisar northern leg of the Coastal Road, ₹2,650 crore for the Goregaon-Mulund Link Road, and ₹2,300 crore for various bridge projects. - The total allocation for healthcare is ₹7,456.80 crore, and the education budget has been set at ₹4,248.08 crore for the fiscal year. - The budget was presented by Municipal Commissioner Bhushan Gagrani, who took over as administrator in March 2024 from his predecessor, Iqbal Singh Chahal. - This year's ₹80,952.56 crore budget is an 8.77% increase from the ₹74,427.41 crore budget for the 2025-26 fiscal year.
