BMC Budget 2026: Fadnavis Defends Deposit Move, Dismisses Language Bias Claims

Maharashtra Chief Minister Devendra Fadnavis defended Asia's richest Mumbai Municipal Corporation, over its decision to utilise fixed deposits to finance major infrastructure projects across the city.

Speaking at the ABP Majha ‘Ideas of India’ programme, Fadnavis said the deposits belong to the people of Mumbai and cannot simply lie untouched while the city’s development needs remain pressing.

“There is no point in parking public money in fixed deposits and earning 4 per cent interest when inflation is at 7 per cent. In real terms, that means we are losing value,” he said. “This is taxpayers’ money. It should be utilized for development.”

Referring to the Mumbai Metro project, Fadnavis pointed out that municipal bodies across the country agreed to contribute 20 per cent of their funds when metro works began. “But the country’s richest municipal corporation refused to contribute. Uddhav Thackeray had said not a single rupee would be given. We had to raise loans through MMRDA,” he said.

He added that the government borrowed at interest rates of 9 to 11 per cent for the metro, even as large sums remained in BMC deposits earning only 4 per cent. “Maintaining reserves is important, but deciding how much to keep idle is equally important. When so many development projects are pending, I cannot support keeping excessive funds locked away,” he said.

The Chief Minister also addressed the ongoing debate around Marathi identity and allegations of discrimination against non-Marathi speakers in Mumbai.

“I am Marathi and proud to be so. I speak for Marathi people. But if anyone tries to create division in the name of Marathi identity, we will not tolerate it,” he said, asserting that Maharashtra runs on the rule of law. “If anyone indulges in such acts, action will be taken. We have done so in the past and will continue to do so.”

Rejecting claims that non-Marathi residents face harassment in Mumbai under the BJP government, Fadnavis said such narratives were exaggerated. “Ask people from other linguistic communities living in Mumbai, have they faced discrimination since we came to power? If a minor scuffle happens somewhere, it becomes national news and is projected as if non-Marathi people are being targeted. That is simply not true,” he said.
“There is no such problem in Mumbai, and we will not allow one to arise,” he added.
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