Megacity Scheme – Revolving Fund (MCS-RF)
Mumbai was one of the five cities included in the centrally sponsored Mega City Scheme, launched by the Government of India in the Eighth Five Year Plan. The Scheme aimed to prepare the local governments to use institutional finance and eventually market instruments like municipal bonds for the capital investment requirements. Of the total project cost, the Government of India and the State Government provided 25% each and the remaining 50% was to be raised from financial institutions by the implementing agencies. The Scheme for Mumbai was being implemented in the urban core of the Mumbai Metropolitan Region (MMR) from 1995 to 2007 for development of urban infrastructure using soft loan/ grants. The areas covered under the scheme are Brihanmumbai, Navi Mumbai, Thane, Bhiwandi-Nizampur and Kalyan-Dombivali Municipal Corporations.
The Mumbai Metropolitan Region Development Authority (MMRDA) was the nodal agency as well as one of the implementing agencies of the Scheme. The other implementing agencies were Brihanmumbai Municipal Corporation, Maharashtra State Road Development Corporation Limited, The Brihanmumbai Electric Supply & Transport Undertaking, The City and Industrial Development Corporation, Thane Municipal Corporation, Kalyan-Dombivli Municipal Corporation, Bhiwandi Nizampur City Municipal Corporation and Navi Mumbai Municipal Corporation. The Scheme was implemented during the 8th, 9th and 10th Five Year Plan periods. In all, 65 projects costing ₹1777.84 crores including 2 studies costing ₹1.62 cores were approved by 2004-05. ₹921.87 crores had been received by the Mumbai Megacity Scheme from the Government of India and the Government of Maharashtra, out of which ₹910.79 crores have been disbursed till January, 2013 to the various implementing agencies towards the approved projects. It is discontinued in the 11th Plan. The details of the Loan are given below:
|Sr. No||Particulars||Loan Amount ₹ in Cr.|
|1||Total Amount Sanctioned||921.87|
|2||Total Amount Disbursed||910.79|
|3||Total No. of Works||65|
|4||Total No. of Agencies||9|
The Mega City Scheme - Revolving Fund (MCS-RF) was set up in the MMRDA from the repayment of soft loans extended to 65 projects and balance of funds received from the Government of India and the Government of Maharashtra under Megacity Scheme. Broad guidelines were approved by the SLSC in February, 2009 for financing of new projects.
Under the new MCS-RF loans are being provided for infrastructure projects by the Municipal Corporations, Municipal Councils and infrastructure implementing agencies. So far ₹3114.73 crores are sanctioned for six projects in total being implemented by four agencies, out of which ₹2442.15 crores has been disbursed till May, 2023. The details of the Loan are given below:
|Sr. No||Particulars||Loan Amount ₹ in Cr.|
|1||Total Amount Sanctioned||3114.73|
|2||Total Amount Disbursed||2442.15|
|3||Total No. of Works||6|
|4||Total No. of Agencies||4|
Mumbai Urban Development Project- Revolving Fund (MUDP- RF)
Mumbai Urban Development Project – Revolving Fund (MUDP – RF) has been established in the Mumbai Metropolitan Region Development Authority (MMRDA) in 1988. MMRDA co-ordinated the World Bank assisted Mumbai Urban Development Project (MUDP) during 1985-1994. 45% of the repayments from the implementing agencies of projects financed under this scheme are provided as source for the MUDP-Revolving Fund established in MMRDA. The objective of the fund is to provide loan assistance for capital investment for the urban infrastructure projects in MMR and provide grant for technical studies and preparation of project reports to the Urban Local Bodies and Infrastructure Implementing Agencies.
Until May, 2023 financial assistance in the form of grant in aid for project feasibility study has been extended to 10 local authorities and implementing agencies. Also, loans have been extended to 13 local authorities and implementing agencies for 46 projects. The details of the Loan & Grant-in-Aid are given below:
|Sr. No||Particulars||Loan Amount ₹ in Cr.||Grant-in-Aid Amount ₹ in Cr.||Total (Grant + Loan)₹ in Cr.|
|1||Total Amount Sanctioned||1541||1.87||1542.87|
|2||Total Amount Disbursed||1456||1.16||1457.16|
|3||Total No. of Works||46||15||61|
|4||Total No. of Agencies||13||10||17**|
**(For 6 agencies both loan and grant are given)
Mumbai Metropolitan Region Development Fund (MMRD Fund)
MMRDA Fund is created by Mumbai Metropolitan Region Development Authority by leasing of MMRDA’s lands and other internal financial sources. Along with other purposes the said fund is also used to self-fund the projects implemented by the Authority. MMRDA also lends money for infrastructure projects implemented by the Urban Local Bodies and other institutions. It is provided in the form of loan assistance and grant for public infrastructure or other projects.
Details of funding from MMRD Fund provided through Planning Division:
MMRDA has approved ₹2562.94 crore from MMRD fund till date, as loan or grant for around 50 projects, to 14 ULBs and other agencies. Out of this ₹2269.98 crore is disbursed till May, 2023. In the 50 approved projects, funding for 49 projects are closed and for the remaining project ₹6.03 crore is balance in the sanctioned amount. The details of the Loan & Grant-in-Aid are given below:
|Sr. No||Particulars||Loan Amount ₹ in Cr.||Grant-in-Aid Amount ₹ in Cr.||Total(Grant + Loan)₹ in Cr.|
|1||Total Amount Sanctioned||2438.44||124.5||2562.94|
|2||Total Amount Disbursed||2145.89||124.09||2269.98|
|3||Total No. of Works||43||7||50|
|4||Total No. of Agencies||12||6||14**|
**(For 4 agencies both loan and grant are given)
Other than the above mentioned projects, under Special Projects, grant amounting to ₹41.64 crore is sanctioned from MMRD fund for 4 projects. Out of this, ₹23.8 crore is released till May, 2023. The details of the Grant-in-Aid are given below:
|Sr. No||Particulars||Grant-in-Aid Amount ₹ in Cr.|
|1||Total Amount Sanctioned||41.64|
|2||Total Amount Disbursed||23.80|
|3||Total No. of Works||4|
|4||Total No. of Agencies||4|
Financial Assistance for rural areas in Mumbai Metropolitan Region
MMRDA has also been providing financial assistance to rural areas within Mumbai Metropolitan Region (MMR) through various schemes. The main objective of such schemes is to improve the living conditions and environment of villages in MMR through provision of basic amenities and infrastructure. Zilla Parishads of Thane and Raigad District were given funds for various works as per the parameters of these schemes for execution of projects. Brief description of such schemes is given below:
|Year||Name of the Scheme||Main Highlights|
|1977-78||Village Improvement Scheme (VIS)||· The projects such as roads, drinking water, social facilities, etc. were funded under VIS through grants given by Government of Maharashtra till 1995-96.
Later this scheme was funded by MMRDA.
|1987||Outer Area Road Development Scheme(OARDS)||·This scheme is exclusively for the road works within the rural and Municipal Council limits of MMR|
|1998||Tribal village Development Scheme (TVDS)||· This scheme was formulated for providing basic amenities and incomplete projects due to lack of funds in undeveloped and Tribal villages of MMR.
· Type of Work – Soil and Water Conservation
Small Irrigation schemes
Roads and Bridges
Housing in Gaothan Expansion
|2004-05||Integrated Village Development Scheme (IVDS)||· Under this scheme 109 villages were selected. The villages were to submit project proposals and funding upto ₹25 lakh was committed for approved projects of each selected village.
Type of Work – Road works
IVDS terminated in March, 2017 and no new works have been sanctioned under the said scheme after March, 2017. Subsequently, MMRDA has received requests from public representatives for increasing the grant-in-aid amounts to the villages. In view of this, a study is being conducted by MMRDA for identifying the infrastructure deficiencies in the village in MMR. Based on the outcome of the study a new scheme shall be formulated for the rural area in MMR.