Urban rejuvenation in India

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Unless rapid evolution of municipal bonds markets happens, ULBs in India will flounder financially.


Urban rejuvenation in India


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India has remained a largely rural nation, but slowly urbanization has gained pace. Though low from a global standpoint, we are steadily turning into an urban nation. You can view very useful urbanization data here, here, here, here, here, and here . The third tier of government in India – Local Bodies, both Urban and Rural – are the crucial points in last mile governance delivery to our citizens. We cannot underestimate their importance. And hence, we have to create revenue channels that are strong and sustainable. Till now, for big cities like Mumbai, Octroi collection was a huge source (upto 33%). But the GST will subsume it, and hence, municipal bonds seems to be the way forward for Mumbai (and others). Read what RBI feels about Indian Bonds Market in 2020, here 

 In advanced markets like the US, local municipalities are champions in raising resources through issuing Bonds (billions of dollars). In India, it is extremely under-developed, but that is the road ahead for sure. For our 100 smart cities, we need to match the massive funding requirements, and Municipal Bonds are the road ahead. This will help them finance transport, solid waste management, etc. To service the Bonds (interest plus redemption), Municipalities will need to earn revenues from user charges (fees) and property taxes. Indian economic output (like other economies) has a major source in cities and towns (not villages). A small share from the GST can be kept for Municipalities. Also, tax breaks can be given by Central Government, to attract investors. Present ceiling of 8% interest must be changed. Finally, a strong secondary market for municipal bonds (that’s under-developed even for corporate bonds as of now), and for escrow provisions for bondholders (to protect their principal amounts) is needed. You can download a report on Green Bonds from Bodhi Resources page.



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Bodhi Booster: Urban rejuvenation in India
Urban rejuvenation in India
Unless rapid evolution of municipal bonds markets happens, ULBs in India will flounder financially.
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