Mumbai: Maharashtra Chief Minister Devendra Fadnavis on Tuesday led the bell-ringing ceremony along with Deputy Chief Ministers Eknath Shinde and Ajit Pawar at the Bombay Stock Exchange (BSE) to mark the listing of the Pimpri Chinchwad Municipal Corporation’s (PCMC) Green Municipal Bond – Secured Non-Convertible Debentures (NCDs), calling it a historic and defining moment in India's urban development and financial innovation.
Describing the listing as a milestone in municipal financing, Fadnavis praised PCMC for becoming the first municipal corporation in India to issue green bonds. "I was told that shortly after issuance, bonds worth over Rs 100 cr were subscribed and later, 5 times more the subscription was recorded," said Fadnavis.
“This isn’t just a listing, it’s a message that citizens and investors trust their local bodies when transparency, efficiency and vision align,” Fadnavis added.
Fadnavis Lauds PM Modi For His Vision For Municipal Bodies
Fadnavis credited Prime Minister Narendra Modi’s vision for enabling municipal bodies to access capital markets, adding that PCMC’s achievement was in line with the Centre’s broader goal of empowering local governance. “Thanks to the Prime Minister’s foresight, municipal corporations now have the tools to raise capital directly for sustainable development. Pimpri Chinchwad has taken the first step,” he said.
The Chief Minister also extended special praise to PCMC Commissioner Shekhar Singh and his team, acknowledging their commitment and execution in bringing the green bond initiative to life.
PCMC Commissioner Shekhar Singh called the listing “a big day for the civic body and the state,” reiterating the corporation’s commitment to responsible and sustainable growth. Deputy Chief Ministers Eknath Shinde and Ajit Pawar were also present at the ceremony, who joined Fadnavis in distributing awards to key contributors of the initiative.
