PMC approves revised funding proposal for 24×7 Pune Water Supply Scheme

The standing committee of the Pune Municipal Corporation (PMC) in Maharashtra has approved the revised funding proposal for the 24×7 Pune Water Supply Scheme. According to the revised plan, the current project cost is estimated to be about Rs 28 billion. The project will be implemented over five years, during which time the interest liability will accumulate to Rs 4.94 billion, thereby inflating the project cost to over Rs 33 billion. Since PMC needs to raise around Rs 22.65 billion, it is planning to avail of a loan from international funding agencies for which it requires approval from the central government. The proposal will now be forwarded to the general body of PMC and then to the Maharashtra government for obtaining a no-objection certificate. It will then be sent to the central government for final approval.