Navi Mumbai: Strong Finances, Transparent Governance Earn NMMC AA+ Credit Rating

Navi Mumbai: In a remarkable achievement, the Navi Mumbai Municipal Corporation (NMMC) has been awarded the prestigious "IND AA+ Stable" credit rating for the financial year 2024–25 by "India Ratings and Research" (Fitch), a nationally recognized financial rating agency. This marks the eleventh consecutive year that NMMC has secured this top-tier rating, making it the only municipal body in the country to achieve such a consistent record.

The rating reflects NMMC’s sound financial management, efficient revenue collection, and commitment to high-quality civic services. Municipal Commissioner Dr. Kailas Shinde, under whose leadership the corporation has focused on long-term planning and financial discipline, expressed satisfaction over the recognition. He credited the achievement to the meticulous coordination between the administration and the Accounts Department, led by Chief Accounts and Finance Officer Mr. Satyawan Ubale.

Despite economic challenges, the civic body recorded impressive performance in tax recovery during the previous financial year. The successful implementation of the 'Property Tax Amnesty Scheme' yielded record collections exceeding ₹26 crore, while all other departments also achieved their revenue targets.

The corporation’s emphasis on transparency and efficiency through initiatives like e-governance and paperless operations has played a key role. Payments are processed through a secure ‘host-to-host’ system, ensuring direct credit to vendors’ accounts and timely salary disbursement to employees.

NMMC continues to remain debt-free with no outstanding dues to the Government of Maharashtra, MMRDA, or MIDC. This financial prudence has enabled the corporation to enhance urban infrastructure and services, including maintaining a leading position in the Swachh Bharat Mission, Swachh Survekshan, and Majhi Vasundhara initiatives.

Dr. Shinde reaffirmed the corporation's commitment to maintaining this rating in the coming years by ensuring judicious expenditure on citizen-centric development while upholding fiscal responsibility.