Industry & Economy
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Economy
Kolkata corporation upbeat on higher revenue generation
Our Bureau
Kolkata
,
Jan. 17
BUOYED by an A+ rating from Crisil, the Kolkata Municipal Corporation (KMC) has announced plans to pursue several initiatives that are aimed at augmenting revenue and posting a healthy revenue surplus on a sustainable basis.
During the financial year ending March 31, 2005, KMC hopes to achieve revenues of Rs 450 crore.
In 2003-04, it generated revenue of Rs 468 crore and a cash surplus of Rs 147 crore.
Stating this during an interaction with presspersons here, Mr D. Som, Municipal Commissioner of KMC, attributed the higher revenue generation in 2003-04 to fees from mega building projects that aggregated to high-than-normal revenue collection from such sources. The Rs 450-crore target would be achieved in the current fiscal. Mr Som said the focus was on widening the tax net and regulating capital expenditure with a view to ensuring that there were no time or cost over-runs in respect of projects that are taken up.
"The focus is on scientific deployment of resources," he said and ruled out any plans to use the rating from Crisil to raise money from the market by way of bonds or other instruments.
In 2001, KMC had raised Rs 50 crore by way of a bonds issue.
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