LUCKNOW, May 2 -- Uttar Pradesh is on track to become the first state in India with five municipal corporations listed on the stock exchange, as Varanasi prepares to launch its municipal bond. This move will place UP ahead of Maharashtra and Gujarat in municipal bond activity, according to an official statement by the government.

The Yogi Adityanath-led government has championed the use of municipal bonds to boost urban infrastructure and reduce reliance on state funding. The journey began in November 2020 when the Lucknow Municipal Corporation raised Rs.200 crore, reviving municipal bonds after a 23-year hiatus. Since then, Ghaziabad, Agra, and Prayagraj have followed, with Prayagraj's bond being oversubscribed by 4.4 times-an indicatio...