The Indore Municipal Corporation is set to issue bonds worth Rs 170 crores on June 28. It is aimed at ensuring economic participation of citizens in development activities of the city.
The corporation is nation’s third and state’s first Municipal Corporation to issue bonds and the public issue of these bonds will be available on National Stock Exchange on June 28.
The amount obtained from this will be used for Atal Mission for Rejuvenation and Urban Transformation (AMRUT).
The goal has already been set for water supply, sewerage, flood water drainage, urban transport and green space development in urban areas through the Government of India’s ambitious AMRUT Yojana.
Indore Municipal Corporation has to spend an amount of Rs 972.26 crore under AMRUT Yojana which includes Centre’s share of Rs 324.05 crore, state’s share of Rs 486.13 crore and Rs 162.08 crore of the Municipal Corporation.
The Corporation has issued public bonds to ensure public participation in this Rs 160 crores.
Rs 629.20 crore from the bond will be used on the drinking water system of Indore city, Rs 268.06 crore on sewerage system development, Rs 10 crore on flood water drainage, Rs 40 crore on urban transport and Rs 25 crore on developing the green belt area.
