Maharashtra CM Devendra Fadnavis looks to fast-track infra work

MUMBAI: Maharashtra chief minister Devendra Fadnavis on Friday assured industrialists of quick and speedy completion of key infrastructure projects for Mumbai and allowed the city’s civic body to float municipal bonds for the first time ever.

Speaking at a conference to transform Mumbai, Fadnavis said that an ambitious 35-km long coastal road linking the city’s northern and southern extremities will be completed in two years; He also said that work on the 22.5 km Mumbai trans harbour link, which will link Sewri in the island city to the mainland, will start this year and end by the time the new airport is ready, which is 2019.

“I know it is impossible, however projects much bigger than coastal road have been completed before two years. So let’s try to do it,” the chief minister said.

Mumbai’s infrastructural projects have been bedevilled by poor planning, delays and cost overruns causing frustration and anger among the city’s harassed commuters and office goers. A 4.7 km bridge linking Bandra to Worli took 10 years to build while a flyover between Santa Cruz and Chembur took 11 years. Costs more than trebled to Rs 450 crore.

But Fadnavis, sounding upbeat, said that his government was willing to stick their neck out to set an example. Environmental clearances for the coastal road will be given by the end of monsoon followed by bids for road construction.

The conference, held to brainstorm ideas for development of Mumbai as a world-class, financial hub was attended by a host of industrialists, Jayant Sinha, the union minister of state for finance, Fadnavis, his cabinet colleagues and other state bureaucrats.

Union finance minister Arun Jaitley spoke at the conference through a video link and gave his support for developing Mumbai as a financial centre. Fadnavis also allowed the Brihamumbai Municipal Corporation to float municipal bonds for the first time ever after commissioner Sitaram Kunte complained that the they need such flexibility.

Muni bonds, as they are called, will allow civil bodies to raise funds from the market to fund infrastructure projects and development work without relying on the state largesse or tax increases. Asia’s richest municipal body, BMC, has a budget of Rs 33,514 crore which is more than market of Punjab National Bank, the fifthbiggest PSU bank by assets.

Giving an instance of how his government has been taking quick decisions, the Chief Minister said that in the span of two months the state had given sanction to more than 25 development plans that were