Mumbai: Devendra Fadnavis rings NSE bell as Nashik municipal green bond lists

Maharashtra Chief Minister Devendra Fadnavis on Monday rang the ceremonial bell at the National Stock Exchange of India NSE to mark the listing of the Green Municipal Bond issued by Nashik Municipal Corporation a significant step toward promoting sustainable urban financing in the stateThe listing ceremony celebrated the successful public issue of ldquoMaharashtrarsquos ULB Green Municipal Bondrdquo by the civic body aimed at raising funds for environmentally sustainable infrastructure and development projects in NashikMaharashtra Chief Minister Devendra Fadnavis on Monday said urban local bodies can significantly strengthen funding for development projects by raising resources through bonds in the capital market highlighting the Nashik Municipal Corporationrsquos green bond as a model for other citiesFadnavis made the remarks at the National Stock Exchange NSE in Bandra Kurla Complex BKC where he rang the ceremonial bell to mark the listing of the Green Municipal Bond issued by Nashik Municipal Corporation The listing marks a key step in promoting innovative financing mechanisms for urban infrastructure in MaharashtraThe ceremony was attended by several dignitaries including Maharashtra Minister Girish Mahajan Nashik Mayor Himgauri AherAdke and NSE Managing Director and CEO Ashish Chauhan along with senior officials and stakeholders from the financial and municipal sectorsAddressing the gathering Fadnavis said the Nashik Municipal Corporation has set an example for other urban local bodies by entering the capital market through both private placement and public municipal bonds within the same financial year He emphasised that municipal corporations should increasingly leverage the capital market to mobilise funds for public welfare projectsThe Chief Minister noted that the Central Government has introduced incentive schemes to encourage municipal bond issuance Initially approval was granted for bonds up to Rs 200 crore but the Union Budget has now raised the limit to Rs 1000 crore with incentive support of up to Rs 200 crore following the success of such initiativesFadnavis also highlighted that development works worth nearly Rs 25000 crore have been launched across the Nashik metropolitan region in preparation for the upcoming Kumbh Mela He said the infrastructure created for the event will not only support the religious gathering but will also help transform Nashik into a modern metropolitan city and attract future investmentsHe further pointed out that Nashik Municipal Corporation has secured the top rank in both phases of municipal bond issuance Through central government incentives and the Urban Challenge Fund the civic body will also receive interestfree funding supportThe funds raised through the green bond will be utilised for major public water supply projects aimed at strengthening urban infrastructure These projects are expected to significantly improve water management in the city and reduce water leakage from 47 per cent to 20 per cent thereby enhancing service delivery to residentsFadnavis also suggested that smaller municipal corporations in Maharashtra should collectively raise bonds worth Rs 1000 crore in the capital market so they can benefit from central government incentive schemes He encouraged Nashik Municipal Corporation to continue adopting innovative funding models to drive sustainable and qualitative urban development