In a significant move towards sustainable urban development, Gandhinagar Municipal Corporation has launched a ₹25 crore green bond. Chief Minister Bhupendra Patel inaugurated the bond at a ceremony held at Gift City, marking its listing on the National Stock Exchange (NSE). This makes Gandhinagar the fifth municipal corporation in Gujarat to issue such bonds, following Ahmedabad, Surat, Vadodara, and Rajkot. The green bond aims to fund various ‘green projects’ that align with Prime Minister Narendra Modi’s vision for environmentally friendly development.
The funds raised through the green bond will be used for projects that enhance the quality of life for residents. This includes improving infrastructure and implementing effective measures for urban development. The initiative is part of a broader effort to promote sustainable practices within the city.
Gandhinagar’s move to issue green bonds reflects a growing trend among cities in India to adopt environmentally friendly practices. By tapping into the green bond market, the municipal corporation aims to attract investments that support its commitment to sustainable development. The funds generated will help in various urban projects that not only benefit the environment but also improve living conditions for its citizens.
The chief minister’s presence at the launch highlights the government’s support for sustainable initiatives. The event was well-received, with various stakeholders expressing optimism about the impact of these funds on the city’s development.
Gandhinagar, established as the capital of Gujarat in 1965, is known for its planned layout and green spaces. The city is designed to be a model for urban planning in India, and the introduction of the green bond is expected to further this vision. The bond is part of a larger budget plan for the fiscal year 2025-26, which focuses on prioritizing development in newly added rural areas as well.
As part of the budget discussions, the municipal corporation plans to present a draft budget that is estimated to be between ₹1400 to ₹1500 crore. This budget will prioritize development projects that enhance the city’s infrastructure and services. Importantly, there are discussions about not introducing new taxes at this stage, which could ease the financial burden on residents.
The move to issue green bonds aligns with global trends where cities are increasingly looking for sustainable financing options. This approach not only helps in addressing climate change but also positions Gandhinagar as a forward-thinking city that values sustainability.
In conclusion, the launch of the ₹25 crore green bond by Gandhinagar Municipal Corporation is a landmark step in promoting sustainable urban development. With this initiative, Gandhinagar is poised to improve its infrastructure while contributing positively to the environment. The bond’s success could pave the way for similar initiatives in other cities across India, reinforcing the importance of sustainability in urban planning.
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