The Vadodara Municipal Corporation has been provided Rs. 100 crore which has been raised through municipal bonds. They have succeeded in linking local urban bodies with the global financial market by obtaining funds from municipal bonds for infrastructure development works, urban infrastructure facilities for the well-being of citizens living in metros. Bhupendra Patel was addressing a function held in Mumbai on the occasion of the listing of the first Vadodara Municipal Corporation Municipal Bond-2022 on the Bombay Stock Exchange.
The CM said that PM Narendra Modi has inspired local self-government bodies to form Prudential Financial Management by setting up municipal bonds in collaboration with the country’s urban local bodies, urban development department, and Securities and Exchange Board of India (SEBI). He added that with the help of such bond funds, the development of urban infrastructure has been linked with the growth of public participation, development of all, and development of trust. Vadodara is the third municipal corporation in Gujarat after Ahmedabad and Surat which has given a new direction to urban welfare works with such bonds.
Urbanization is no longer a challenge, it is an opportunity, and cities are becoming more livable with world-class infrastructure. The definition of urban well-being has expanded from electricity, water, sewerage to Ease of Living. The CM expressed confidence that this year is being celebrated in the country as the ‘Amrut Mahotsav year of independence.’
The Managing Director and Chief Executive Officer of Bombay Stock Exchange (BSE) Ashish Kumar congratulated the Vadodara Municipal Corporation and said that this fund would be a boon for the development of Vadodara. Urban local bodies can add to the convenience of citizens with a positive attitude through such funds. Kunal Kumar, Director, Smart City Mission and Joint Secretary, Government of India, said that the Gujarat government’s approach to urban development has been an inspiration to others. The joint efforts of the Government of India and the Bombay Stock Exchange have created a new platform for building infrastructure in the cities of the country.
Along with CM Bhupendra Patel, Mayor Keyur Rokadia, VMC Commissioner Shalini Agarwal and Chairman Standing Committee with other authorities were present.
