Fadnavis Hails Listing of NMC Clean Godavari Bonds, Calls It Key Step for Kumbh Mela 2027 Preparations

By A Staff Reporter

Maharashtra Chief Minister Devendra Fadnavis on Tuesday marked a significant milestone for Nashik’s urban development and upcoming religious infrastructure by attending the listing ceremony of the Nashik Municipal Corporation’s “NMC Clean Godavari Bonds” at the National Stock Exchange. Ringing the ceremonial bell, Fadnavis underscored the importance of the bond issuance in strengthening financial autonomy at the municipal level and preparing for the Simhastha Kumbh Mela 2027.

The bond issue, which was oversubscribed more than four times, reflects strong investor confidence in Nashik’s financial discipline and project pipeline. The funds raised will support extensive preparatory works in Nashik and Trimbakeshwar, particularly for river rejuvenation and infrastructure enhancement along the Godavari, a core requirement ahead of the Kumbh Mela.

Fadnavis described the achievement as a step aligned with Prime Minister Narendra Modi’s vision of “Vikas Bhi, Virasat Bhi”, and his push to expand the use of municipal bonds for sustainable civic financing. With Nashik following the examples of Pune and Pimpri-Chinchwad, he noted that nearly 15 municipal corporations in Maharashtra have the potential to tap capital markets provided they strengthen their administrative and financial systems.

Following the successful issuance, NMC will receive an incentive of ₹26 crore, further supporting its development plans. The Chief Minister thanked the National Stock Exchange for its guidance throughout the process, saying the partnership between state institutions and financial markets would help improve fiscal discipline and amplify developmental outcomes.

“These collective steps,” Fadnavis said, “will enhance financial discipline, boost developmental impact, and ensure robust preparations for the Simhastha Kumbh Mela 2027.”