It was in 1997 that Bangalore city corporation issued the first municipal bond in India, backed by a state government guarantee. The next year, Ahmedabad issued bonds worth Rs 100 crore, without government guarantee. But the momentum didn’t pick up - bonds worth only about Rs 1500 cr have been issued overall since then, and there have been no issues in the more recent years. Last June, however, Pune Municipal Corporation (PMC) became the first city to issue bonds after a long gap. Bonds worth Rs 200 cr were issue to fund PMC’s 24X7 water supply project. Then again, in…
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