Navi Mumbai:- In a significant achievement, the Navi Mumbai Municipal Corporation (NMMC) has secured the prestigious ‘Double A Plus Stable (AA+ STABLE)’ financial viability rating from the renowned financial rating organization ‘Fitch India Rating’. This marks the eighth consecutive year that NMMC has received this top-notch financial rating, making it one of the leading Municipal Corporations in the nation to achieve such recognition.
Under the visionary leadership of Commissioner Rajesh Narvekar, NMMC has not only maintained its financial stability but also thrived amid various challenges. The corporation has effectively navigated emergency expenses incurred during the past two years to combat the Covid-19 pandemic, as well as increased administrative costs due to the implementation of the Seventh Pay Commission. Furthermore, the Municipality has successfully managed other critical expenditure areas, such as adjusting to the rise in minimum wages for contract workers and dealing with an increase in GST tax payable on contractor works.
It is noteworthy that these essential expenses have not deterred NMMC’s commitment to strengthening its financial position. As of March 31, 2023, the corporation recorded an impressive increase of Rs. 1300 crores in fixed deposits. As of August 2023, this figure has soared to Rs. 1750 crores, a testament to NMMC’s resilient financial stance.
The practice of strategically depositing surplus funds in fixed deposits has enabled NMMC to facilitate development projects and address unforeseen emergencies efficiently. This prudent financial management approach has allowed the corporation to strike a balance between immediate requirements and future endeavors.
A remarkable milestone was achieved in the previous financial year when NMMC successfully cleared a Rs. 126 crore loan from the Mumbai Metropolitan Region Development Authority (MMRDA), effectively making the corporation debt-free. Commissioner Narvekar highlighted this accomplishment during the budget presentation, further exemplifying NMMC’s solid financial health.
