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The Maharashtra Chief Minister, Devendra Fadnavis, on Friday announced that the State Government will be soon allowing Municipal Corporation of Greater Mumbai aka BMC to raise funds using municipal bonds and other instruments.
Fadnavis was addressing the delegates at the Mumbai Next conference.
He also added that that BMC should also spend the funds in a planned manner because experience shows that 40 per cent of capital expenditure funds raised by civic organisation remained unutlised.
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