INFRASTRUCTURE DEBT FUNDS AS A SOURCE OF FINANCING SMART CITY PROJECTS: A CASE STUDY OF KALYAN DOMBIVALI MUNICIPAL CORPORATION, MAHARASHTRA
INFRASTRUCTURE DEBT FUNDS AS A SOURCE OF FINANCING SMART CITY PROJECTS: A CASE STUDY OF KALYAN DOMBIVALI MUNICIPAL CORPORATION, MAHARASHTRA

Summary/Abstract: Every municipal corporation must prove continuous quality infrastructural services to people within its jurisdiction. But due to rise in population and paucity of financial resources, the Kalyan Dombivali Municipal corporation is not able to provide quality basic infrastructural facilities such as transportation, roads and traffic management, sewage treatment, solid waste management, education and health care. Kalyan Dombivali municipal corporation is declared as smart city. But funds are inadequate to provide quality infrastructure to people. Already the capital expenditure is very low for various services and economically weaker section and poor people of city. Municipal corporation is spending very less on education as far as revenue expenditure is concerned. Slums are increasing due to lack of affordable housing scheme. There is need to invest more money on infrastructural facilities such as safe and sustainable drinking water, complete sanitation, sewage treatment, technological investment in road traffic management and environment sustainability. Municipal corporation should not depend on central and state government resources to finance capital expenditure. It must raise capital through issue of municipal infrastructure debt bonds. It must increase the property tax, water tariff, tax on registration of private vehicles ,registration and transfer fees on private properties. Such measures will certainly improve the financial condition of the Kalyan Dombivali Municipal Corporation and it will able to provide the better quality infrastructural facilities to its population

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