Regd. No. MCS/035/2015-17 RNI Regn. No. 43675/1985 MUMBAI THURSDAY, JANUARY 22, 2015 32 PAGES `3 Website: www.afternoondc.in
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BMC’S NEW MOVE TO BOOST FALLING BUSINESS
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Woman’s World Pg13-20
By Vishnudas Sheshrao
T
here was much criticism from all over the world labelling Mumbai city a 'retiring city', even as revenue sources are shrinking and business firms are making their way out of the city. Now, to attract business in a big way, the Brihanmumbai Municipal Corporation (BMC) have gone into damage control mode and opened a special and dedicated department named Business Development. Two centuries ago, Mumbai was born as a business hub and it retained its significance over centuries. However, due to internal factors which include limited infrastructure, heavy taxation, license raj and external factors like rise of new business hubs like Dubai, Bahrain, Malaysia and Hong Kong in Asia, Mumbai city is losing its significance and being marginalised. It is a proven fact that business firms are going to neighbouring state of Gujarat. This is reflected on the octroi, one of the two major sources of revenue for the city civic
S V R Srinivasan, Addl. Mun. Comm. body. Octroi which has recorded six to eight per cent annual growth over decades, has been fluctuating and growth is mainly flat in the last two fiscal years. According to civic officials, this year, Rs.100 crore deficit has been recorded in the collection of octroi through the city ports. The loss of revenue will be clearer in the next fiscal budget which will be presented in mid February by the Municipal Commissioner. Additional Municipal Commissioner SVR Srinivas said, “If timely damage control system is not in place, then city will be truly a 'retir-
ing city' – a city for retired people. So we have established a separate department – Department of Business Development.” BMC would be first civic body in the country to have a dedicated department to attract new business in the city. While addressing the Standing Committee meeting on the new department he said, “To attract new business, we are planning to reduce number of no objection certificates (NOC) and other licenses.” He added, “To make healthy environment for business, we are planning that we will not charge or charge minimum tax on new business for a year or two, till they start making a profit.” The department will be headed by an Assistant Commissioner rank officer. At present business is concentrated in Nariman Point, Lower Parel, BKC and Andheri East. This area is under huge infrastructure burden and existing tranport system is not efficient. The civic body is planning to boost infrastructure in these business districts.
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