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States » NorthPosted at: May 2 2025 9:43PM


UP soon to become state issuing maximum number of municipal bonds

Lucknow, May 2 (UNI) Uttar Pradesh is poised to become the first in India to issue the highest number of municipal bonds, rapidly becoming a national leader in urban financial innovation, official sources said here on Friday.
Sources said that following the successful issuance of municipal bonds by the corporations of Lucknow, Ghaziabad, Agra and Prayagraj, Varanasi is now set to launch its own bond. "This will make UP the only state in the country with five municipal corporations listed on the stock exchange, surpassing states like Maharashtra and Gujarat in municipal bond activity," they said.
Sources said that the achievement is a testament to the Yogi government's commitment to building a self-reliant urban ecosystem and accelerating infrastructure development. "The state's push for municipal bonds began with Lucknow in November 2020, marking a revival of the instrument after a 23-year gap caused by policy stagnation. The LMC raised Rs 200 crore through its bond, setting a model for other cities to emulate," they said.
Sources said that subsequent bond issuances by Ghaziabad, Agra and Prayagraj have received strong investor interest. "For instance, the bond issued by Prayagraj was oversubscribed by 4.4 times, a clear sign of growing investor confidence in UP's governance and development potential," they said.
Sources said that the funds raised through these bonds are being channelled into essential urban projects, including roads, water supply, sewerage networks, street lighting and other civic amenities. 'These investments are not only improving the quality of life for residents but are also boosting economic activity and drawing further investment into urban regions," they said.
Sources said that Chief Minister Yogi Adityanath's forward-thinking policies have laid the foundation for a self-reliant and investment-ready UP. "By enabling municipal corporations to access public markets, the state is reducing their dependency on government grants and fostering efficient, accountable governance," they said.
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