Maharashtra Chief Minister Devendra Fadnavis suggested that municipal corporations can raise funds for development projects by issuing bonds in the capital market. He highlighted the success of Nashik Municipal Corporation in entering the capital market through municipal bonds. Fadnavis emphasized the importance of leveraging capital markets for public welfare projects and mentioned the Central Government’s support schemes.
The Chief Minister mentioned that developmental projects worth around Rs 25,000 crore are ongoing in Nashik for the Kumbh Mela. He stated that the infrastructure being developed will not only serve the mega-event but also elevate Nashik to a developed city, attracting investments. Nashik Municipal Corporation has secured top positions in the initiative, receiving interest-free funds for water supply projects.
Fadnavis proposed that smaller municipal corporations collaborate to issue collective bonds worth Rs 1,000 crore to benefit from central schemes. He urged Nashik Municipal Corporation to focus on qualitative urban development through innovative funding. The capital raised through these bonds will be used for critical infrastructure projects to ensure clean and safe drinking water supply for Nashik residents during the Kumbh Mela and beyond.
