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Janaagraha was delighted to participate in SEBI’s Municipal Bonds Outreach Programme in Chennai on 2–3 August 2024. This event was a part of SEBI's Regional Outreach Programme, which included 7 previously conducted regional workshops held in Patalganga, New Delhi, Bengaluru, Bhubaneshwar, Jaipur, Chandigarh, and Guwahati over the last two years. Securities and Exchange Board of India (SEBI) has designed the outreach programme to invigorate the municipal bond market in India through awareness and capacity building of Urban Local Bodies (ULBs). A thought-provoking panel on ‘Long-term strategies for sustainable urban financing’ was moderated by Srikanth Viswanathan, CEO, Janaagraha, and panelists Pramod Rao, Executive Director, SEBI, Debolina Kundu, Director, National Institute of Urban Affairs (NIUA), Deepak Shenoy, Founder, Capitalmind , Mathew George, CFO, NHAI InvIT, and Neeraj Gupta, Principal Investment Officer, IFC - International Finance Corporation.   A few key takeaways that emerged from the panel discussion: 1. Own revenue forms 35% of total revenue for the ULBs, nationally. Out of ~4,700 ULBs, 43 cities contribute ~65% of national property tax collections. 2. Expanding funding sources beyond government grants is essential for successful infrastructure development. Private capital is seen as a crucial driver in addressing the infrastructure financing gap and introducing private sector efficiencies.   3. Cities need to be further empowered and supported to build capacities in creating a pipeline of investible projects.  4. To boost the appetite for municipal bonds, ULBs must develop higher-quality projects and ensure timely debt repayments. By reimagining capital budgeting and utilising medium-term capital plans, ULBs can improve expenditure planning and attract long-term private capital for investments.    5. InvITs and REITs are viable financing options for ULBs, offering avenues for revenue generation and infrastructure development. Best practices from NHAI InvIT’s case can be applied to monetise municipal assets like parking spaces and market complexes. Janaagraha commends SEBI’s initiative and leadership in driving the development of the municipal debt market. We are thrilled to be an enthusiastic partner in this journey. #MunicipalBonds #CityFinance #CitySystems #Janaagraha #SEBI #UrbanGovernance #UrbanTransformation #PublicFinance #PublicFinanceManagement #MunicipalFinance #InfrastructureFinance

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