Hardeep Singh Puri asks Delhi municipal corporations to raise municipal bonds

Union minister Hardeep Singh Puri advised Delhi municipal corporations Saturday to raise municipal bonds as one of the sources of revenues to ensure better amenities for its citizens, an official statement said.

He was speaking at an event organised by the PHD Chamber of Commerce and Industry (PHDCCI) at the NDMC Convention Centre here.

The Ministry of Housing and Urban Affairs has already sanctioned multiple projects for the betterment of Delhi including its decongestion and facelift, solid waste management, involving an estimated investment of Rs 2,595 crore, Puri was quoted as saying in the statement.

The minister also announced that the Centre is trying its best to approve the fourth phase of metro construction with utmost persuasion with the Delhi government and hoped there would soon be progress in this direction.

He claimed the ridership of the Delhi Metro has risen to 30 lakh a day even after the hike in its fares in May and October last year. He dismissed claims about the decline in the Delhi Metro ridership.

Elaborating on the issue of Municipal Bonds, the Union minister stated that at least two municipalities within Delhi could take the initiative of raising Municipal Bonds as one of the tools and suitable channel for fundraising and serve their constituencies even with modest taxation strategy.