CM Bhupendra Patel Lists ₹25 Crore GMC Bonds on National Stock Exchange with Ceremonial Bell Ringing

Gandhinagar : Chief Minister Shri Bhupendra Patel officially listed the ₹25 crore municipal bond of Gandhinagar Municipal Corporation on the National Stock Exchange (NSE) at GIFT City. The listing was carried out through a ceremonial bell ringing, held in the presence of Gandhinagar Mayor Smt. Miraben Patel, MLA Smt. Ritaben Patel, municipal officials, and NSE officials. 

Inspired by Prime Minister Shri Narendra Modi’s vision and guided by Chief Minister Shri Bhupendra Patel’s leadership, the year 2025 is being observed as an Urban Development Year in Gujarat, focused on transforming cities and empowering citizens. As part of this initiative, Gandhinagar Municipal Corporation aims to realise the goal of ‘Earning Well, Living Well’ by strengthening urban infrastructure and promoting sustainable development through the issuance of municipal bonds. With this move, Gandhinagar becomes the fifth municipal corporation in Gujarat to issue municipal bonds, joining Ahmedabad, Surat, Vadodara, and Rajkot. Back in 2016, Prime Minister Shri Narendra Modi encouraged urban local bodies across the nation to build a vibrant municipal bond market, supported by SEBI, to encourage self-reliant and sustainable urban growth. Aligning with this vision, Gandhinagar Municipal Corporation has now become the first in the state to issue municipal bonds within just 15 years of its establishment.

Shri Sriram Krishnan, Chief Business Development Officer of NSE, stated that so far, 17 municipal corporations across the country have issued bonds worth ₹3,359 crore. Of this, Gujarat has made a notable contribution by issuing bonds worth ₹925 crore, accounting for 27% of the total. Gandhinagar Mayor Smt. Miraben Patel stated that this municipal bond will accelerate the pace of development in Gandhinagar by ensuring the availability of public participation funds for various urban development projects. She further noted that since Gandhinagar Municipal Corporation is among the first 20 municipal corporations in the country to issue municipal bonds, it is eligible for an interest subsidy of approximately ₹3.25 crore from the Government of India as an incentive. This 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, NSE officials, and Municipal Corporation officials.

Source: Information Department, Gujarat