Gandhinagar: In a major move to strengthen urban infrastructure through capital market participation, Chief Minister Shri Bhupendra Patel formally listed ₹25 crore worth of municipal bonds issued by the Gandhinagar Municipal Corporation (GMC) on the National Stock Exchange (NSE) at GIFT City. The event featured a ceremonial bell ringing in the presence of senior dignitaries, including Gandhinagar Mayor Smt. Miraben Patel, MLA Smt. Ritaben Patel, NSE officials, and top civic representatives.
A First for Gandhinagar, A Milestone for Gujarat
With this issuance, Gandhinagar becomes the fifth city in Gujarat to float municipal bonds, joining the ranks of Ahmedabad, Surat, Vadodara, and Rajkot. It is also the first city in the state to do so within just 15 years of its municipal corporation’s establishment, setting a benchmark in civic financial innovation.
The initiative aligns with Prime Minister Shri Narendra Modi’s 2016 vision to create a vibrant municipal bond market in India—an approach now backed by SEBI regulations and central incentives to foster self-reliant, sustainable urban growth.
Urban Year 2025: A Step Toward ‘Earning Well, Living Well’
The bond listing is part of Gujarat’s broader ‘Urban Development Year 2025’ campaign, which aims to accelerate city transformation and citizen empowerment. Under the leadership of CM Bhupendra Patel, Gandhinagar’s civic body is targeting sustainable development, improved urban services, and financial self-sufficiency.
Mayor Smt. Miraben Patel highlighted that this ₹25 crore issuance will support public participation in urban infrastructure funding. She also confirmed that Gandhinagar is now eligible for an interest subsidy of ₹3.25 crore from the Government of India under its incentive scheme for early adopters of municipal bonds.
Gujarat Leads in Municipal Bond Contributions
According to Shri Sriram Krishnan, Chief Business Development Officer at NSE, 17 municipal corporations across India have issued bonds totaling ₹3,359 crore, with Gujarat accounting for ₹925 crore—or 27%—of that amount. This puts the state at the forefront of municipal bond financing in India.
Dignitaries Present at the Event
The listing ceremony was attended by-
- Deputy Mayor Shri Natvarji Thakor
- Standing Committee Chairman Shri Gaurang Vyas
- City BJP President Shri Ashish Dave
- Municipal Commissioner Shri J. N. Vaghela
- Senior officials from NSE and GMC
