Page 85 - e-Budget Speech - Final

New Delhi Municipal Council | Budget 2019 – 20
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7. FINANCIAL STABILITY, EMPLOYEE WELFARE AND OTHER
INITIATIVES

7.1 NDMC's Credit Rating
NDMC was one of very few municipalities in India to have achieved a credit
rating of “AA+” in the year 2017-18, and the same rating has been given to
NDMC for the year 2018-19 from the credit rating agency M/s CARE
Limited. This rating was given by a reputable agency after it made an
objective and independent assessment of NDMC’s financial position. NDMC
will continue to get its credit rating in the year 2019-20.

7.2 Untied Funds (Citizen Driven Development)
I propose to make available untied funds for the Resident Welfare
Associations (RWAs) and Market Trade Associations (MTAs) of the NDMC
area. For this purpose, I propose to set aside a sum of Rs. 10.00 crore in the
year 2019-20 with an objective to provide scope for local initiative and
flexibility for local action by the RWAs/ MTAs. It is also proposed to create a
portal in the year 2019-20 to enable the RWAs/ MTAs to submit their plans to
the NDMC for utilization of the Untied Funds.

7.3 Pension Fund
Based on an actuarial study conducted in the year 2017-18, the Council
approved the proposal for notifying Pension Fund Regulations and the same
has been sent to Ministry of Home Affairs for obtaining approval of the
Government of India, which is likely to be notified in near future after the
approval by the Government of India. As on 2017-18, NDMC has a corpus of
Rs.976.02 crores for this purpose, and Rs.400.00 crores will be added to this
corpus by March, 2019. Provision of Rs.419 Crore has been made to transfer
in the corpus of proposed Pension Fund during the year 2019-20.

7.4 Welfare Measures for Employees of NDMC

7.4.1 Regularization of Regular Muster Roll Workers
NDMC proposes to regularize the service of approximately 5000 Regular
Muster Roll (RMRs) persons against Category ‘D’ posts. A proposal for
framing of regulations for Category ‘D’ posts duly approved by the Council
has already been sent to Government of India, Ministry of Home Affairs for
approval. Once the regulations are approved by the Central Government, the

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