ICRA Report on Indian Municipal Bond Market

On 18th March 2025, credit rating agency ICRA Limited (formerly Investment Information and Credit Rating Agency of India Limited) released a report on Indian municipal bond market.

Major Highlights

Fund Raising

  • Municipal bond issuances in India are expected to raise more than Rs. 1,500 crore in the Financial Year (FY) 2025-26.

Share of Green/Pooled Bonds

  • Share of Green/pooled bonds is also likely to increase, led by a growing focus on Environmental, Social, and Governance (ESG) initiatives and enhancement in the credit profile of Urban Local Bodies (ULBs).

Factors Driving the Growth of Municipal Bonds in India

  • In 2015, the ....
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