India’s Largest Municipal Bond Program Launched by Union Minister Venkaiah Naidu in Mumbai. It is mainly to finance public projects like roads, airports, schools and seaports, and infrastructure-related improvements. There are several Municipal Bond Programs launched in India, but the Largest Municipal Bond Program is started from today in Mumbai. In 2011, the municipal bond market was estimated at $3.7 trillion. India’s first local body is Pune Municipal Corporation (PMC) to issue municipal bonds in nearly one and a half decade by raising Rs 200 crore for the central government’s pet scheme, smart city project.
Potential issuers of municipal bonds includes states, cities, counties, redevelopment agencies, school districts, publicly owned airports, public utility districts, and seaports, and other governmental entities at or below the state level which having more than a de minimis amount of one of the three sovereign powers like the power of taxation, eminent domain, and police power.
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