
## Demand For Grants 2018-19 Analysis Housing And Urban Affairs

The Ministry of Housing an d Urban Affairs plays a central role in formulating policies and coordinating the activities of various agencies (including state governments, and urban local bodies) involved in urban planning.  The Ministry of Housing and Poverty Alleviation and Ministry of Urban Development were combined in 2017 to form the Ministry of Housing and Urban Affairs. This note looks at the expenditure incurred by the Ministry, the status of the various schemes implemented, and the issues faced with investment required for urban planning.   

## Overview Of Finances

The total allocated expenditure for the Ministry of Housing and Urban Affairs for 2018-19 is Rs 41,765 crore, 2% higher than the revised estimate of 2017-18.1   
Note: For the years 2009-10 till 2017-18, the figures are a combination of the erstwhile Ministry of Housing and Urban Poverty Alleviation, and Ministry of Urban Development. Values for 2017-18 are revised estimates.   
Sources: Budget documents 2009-10 to 2018-19; PRS. The period from 2009-10 till 2017-18 has seen a trend of increase in actual expenditure.  The period saw a Compounded Annual Growth Rate (CAGR) of 25%.  CAGR is the annual growth rate over a certain period of time.  This may be due to an increased focus on infrastructure provision in urban areas.  The period from 2014-15 till 2017-18 has seen higher increases in expenditure.  The highest increase in expenditure was seen in 2014-15 (91%), over the previous year.  In 2016-17, there was an 83% rise in expenditure over the previous year. The figure below shows the trend in utilisation of funds between 2009-10 and 2017-18.   
Tel: (011) 43434035-36, 23234801-02  www.prsindia.org Note: For the years 2009-10 till 2017-18, the figures are a combination of the erstwhile Ministry of Housing and Urban Poverty Alleviation, and Ministry of Urban Development. Values for 2017-18 are revised estimates. Sources: Budget documents 2009-10 to 2018-19; PRS. 

While the actual expenditure of the Ministry has been increasing over the years, for the period between 2011-12 and 2015-16, it was lower than the budget estimates.  Although 2014-15 saw the highest increase in expenditure, it also saw the largest negative deviation from the budget estimate. The actual expenditure in 2014-15 was 32% lower than the budget estimate. The Standing Committee on Urban Development, 2017, noted that the budgetary allocations were lower than the Ministry demand.2  Although there was a 36% increase in the budget estimate for 
2017-18 over the budget estimate for 2016-17, it was short of what the Ministry had projected.  (The erstwhile Ministry of Urban Development had an allocation of Rs 34,212 crore as compared to the projected Rs 68,410 crore).2  

| Revised    | Budgeted    | %      |
|------------|-------------|--------|
|            |             |        |
| Actual     |             |        |
| 16-17      | 17-18       | 18-19  |
| Metro      | 15,327      | 18,000 |
| PMAY       |             |        |
| (Urban)    |             |        |
| 4,881      | 6,043       | 6,505  |
| AMRUT      | 4,864       | 4,999  |
| Smart      |             |        |
| Cities     |             |        |
| 4,412      | 4,000       | 6,169  |
| SBM        |             |        |
| (Urban)    |             |        |
| 2,135      | 2,300       | 2,500  |

Sources: Union Budget documents 2018-19; PRS.  
Of the expenditure allocated to the Ministry in 2018-19, the highest allocation is towards metro projects at 36% of the total (Rs 15,000 crore).  This is followed by allocations towards key schemes under the Ministry, i.e., Pradhan Mantri Awas Yojana (PMAY)- Urban (16%; Rs 6,505 crore), Smart Cities Mission (15%; Rs 6,169 crore), AMRUT (14%; Rs 6,000 crore), and Swachh Bharat Mission- Urban (6%; Rs 2,500 crore).   
Of the major schemes/projects, allocation towards Metro projects in 2018-19 has seen a 17% decrease over the revised estimates of 2017-18, and allocation towards Smart Cities has seen a 54% increase over the revised estimates.   

Year  
Budgeted 
Actuals  % utilised 

Sources: Ministry of Housing and Urban Affairs budget documents; PRS. 

Revenue and Capital expenditure  
Table 2 shows the overall shift in revenue and capital expenditure of the Ministry.  

## Housing And Urban Affairs ( Rs Crore)

 
BE  
2017-
18* 
RE  
2017-
18* 
BE  
2018-
19 
% change (BE 
2018-19/ RE 
2017-18)  
Revenue 
 21,285 
21,332 
25,350 
19% 
Capital 
 19,333 
 19,422 
16,415 
-15% 
Total 
40,618 
 40,754 
41,765 
2% 

Notes:  BE - Budget Estimate; RE - Revised Estimate. *Combines BE and RE of erstwhile Ministry of Housing and Poverty Alleviation, and Ministry of Urban Development. Sources:  Ministry of Housing and Urban Affairs budget documents; PRS.   
Of the total expenditure, 39% is allocated for capital expenditure, and 61% for revenue expenditure.  As compared to the revised estimates of 2017-18, revenue expenditure has increased by 19%, while capital expenditure has decreased by 15%.  The reduction in capital expenditure can be attributed to a reduction in the allocation towards Metro projects.  The capital expenditure on metro projects forms 91% of the total capital expenditure.   
Major schemes and allocations: 2018-19 
Metro Projects  
The Ministry of Housing and Urban Affairs is responsible for urban transport which includes metro projects.   
The budgetary allocation towards metro projects in 2018-19 is Rs 15,000 crore.  This is a 17% decrease over the revised estimates of 2017-18. The table below shows the trends in allocations and expenditure towards metro projects.   

## Crore)

| 2014-15    | 8,026    | 5,998    | 75%    |
|------------|----------|----------|--------|
| 2015-16    | 8,260    | 9,300    | 113%   |
| 2016-17    | 10,000   | 15,327   | 153%   |
| 2017-18    | 18,000   | 18,000*  | 100%   |

 
*Revised estimates. Sources: Budget documents 2015-16 to 2018-19; PRS.  

 
The allocation towards metro projects has been increasing from the period 2014-15 till 2017-18. The allocation in 2018-19 was decreased by 17% over the revised estimates of 2017-18.  As the allocations have been increasing, the actual expenditures have over shot the budget estimates. In 2016-17, the actual expenditure was 153% of the budget estimate.  In 2017-18 the revised estimate is the same as the budget estimate.   
There are currently 13 ongoing metro rail projects that have been set up as a 50:50 joint venture between the central government and respective state governments.3  The total sanctioned costs of these projects amount to Rs 1,76,105 crore, of which the share of the central government is Rs 30,903 crore.3  As of August 2017, a total length of 370 km are operational in eight cities, and a total length of 537 km are work in progress in 13 cities (including these eight cities).4 Of the total expenditure on metro projects, majority of it (Rs 14,924 crore) is on capital expenditure. The capital expenditure on metro projects forms 91% of the total capital expenditure of the Ministry of Housing and Urban Affairs.  The Standing Committee on Urban Development (2017) noted that a high allocation towards metro projects leads to inadequate funds for other projects.2  The Committee recognises the importance of metro projects for the improvement of urban transport, and has recommended financing projects through other options such as international cooperation. The Union Cabinet approved the Metro Rail Policy in August 2017.4  The policy makes a Public Private Partnership (PPP) component mandatory for a project to be eligible for central assistance.  In addition, states have three options via which they can avail central assistance.  These options are- (i) PPP with central assistance under the viability gap funding scheme of the Ministry of Finance, (ii) 
grant by government under which a lump sum central assistance will amount to 10% of the project cost, and (iii) 50:50 equity sharing model between state and central governments.   
Pradhan Mantri Awas Yojana (PMAY)- Urban  
PMAY- Urban is a housing scheme being implemented from 2015 to 2022.  The scheme comprises four components: (i) in situ rehabilitation of existing slum dwellers through private participation, (ii) credit linked subsidy scheme (CLSS) for economically weaker section (EWS), lower income group (LIG), and middle income group (MIG), (iii) affordable housing in partnership, and (iv) subsidy for beneficiary led individual house construction.  The Ministry provides central assistance to urban local bodies for the implementation of the scheme through respective state governments. The budgetary allocation towards the scheme for 2018-18 is Rs 6,505 crore.  This is an 8% increase over the revised estimates for 2017-18.  The increase in budgetary allocation in 2018-19 can be attributed to the increase in allocations for the LIG and MIG components of the CLSS.   

Table 4: Allocation towards PMAY ( Rs crore) 
Year  
Budgeted 
Actuals 
% utilised 
2015-16 
4,175 
1,487 
36% 
2016-17 
5,075 
4,881 
96% 
2017-18 
6,043 
6,043* 
100% 
2018-19 
6,505 

*Revised estimates. Sources: Budget documents 2015-16 to 2018-19; PRS.  
 In 2016-17, a 228% increase was observed in the actual expenditure over 2015-16.  Correspondingly, a 258% rise was seen in the number of houses constructed in 2016-17.   Table 5 shows the year on year increase in the number of houses constructed under the scheme.  Although the actual expenditure has seen an increase, it has been short of the budget estimates.  In 2015-16, 36% of the budget estimate was utilised, and in 2016-17, 96% of the budget estimate was utilised.   

Year on Year 
Year 
No. of 
houses 
increase 
completed 
2014-15 
2,506 
 
2015-16 
18,706 
646% 
2016-17 
66,985 
258% 
2017-18* 
2,07,794 
210% 

*Data for 2017-18 updated till January 2, 2018. Sources: Lok Sabha Unstarred Question no. 2528; PRS.   
Under the scheme, as on January 2, 2018, of the total 32,00,431 houses sanctioned for construction, 9% (2,95,991) houses have been completed.5 
The government aims to achieve its 'housing for all target' by 2022.  As per the 2011 census, 27.5% of urban residents lived in rented houses.  According to the Report of the Group of Secretaries, January 
 
2017, a rental housing scheme would further complement PMAY- Urban in achieving the housing for all target.6   
Lending by housing finance companies- Both housing finance companies (HFCs), and public sector banks offer low cost funding for housing.  
HFCs have an 80% share in the implementation of CLSS component of PMAY-Urban.6  However, they face constraints such as inability to access long term funds. The Union Cabinet has approved the creation of a National Urban Housing Fund (NUHF) worth Rs 60,000 crore.7  This fund will be under the Building Materials and Technology Promotion Council, an autonomous body set up in 1990 under the Ministry of Housing and Urban Affairs.  The council undertakes research to facilitate large scale application of new building material technologies.8 The NUHF aims to raise funds in the next four years to ensure a sustained flow of central release under Pradhan Mantri Awas Yojana (PMAY)- Urban, enabling construction of houses.   
Urban Rejuvenation Mission: AMRUT and Smart Cities Mission  
The AMRUT mission was launched in June 2015.9  
The purpose of the mission is to provide basic services (these services include water supply, sewerage, and urban transport) in cities, especially to the poorer households. The pace of urbanisation is increasing in the country.  The table below captures the rise in the number of towns.   

|                 | 2001    | 2011    | % increase    |
|-----------------|---------|---------|---------------|
| Statutory Towns | 3,799   | 4,041   | 6%            |
| Census Towns    | 1,362   | 3,894   | 186%          |

Sources: Ministry of Housing and Urban Affairs; PRS. 

The growth in urbanisation has seen a 186% rise in the number of census towns (towns that do not have a notified urban local body).  The absence of notified urban local bodies (ULBs) leads to unplanned growth of slums, lack of basic drinking water or sewerage facilities, and no tax collection as applicable to municipalities. In the context of the rapid rise in unplanned urbanization, the reforms under AMRUT intend to improve service delivery, and make municipal functioning more accountable. The budget estimate for 2018-19 is Rs 6,000 crore, 20% more than the revised estimates of 2017-18. AMRUT is a Centrally Sponsored Scheme with a financial outlay of Rs 50,000 crore for five years (2015-20).  Capacity building and implementation of reforms are key components of the mission.  The following table compares the actual expenditure against the proposed allocation as given in a cabinet note, indicated by the Standing Committee on Urban Development, 2017.2 

expenditure ( Rs crore) 
| Year    | Proposed allocation    | Budgeted    | Actuals    |
|---------|------------------------|-------------|------------|
| 2015-16 | 5,000                  | 3,919       | 2,702      |
| 2016-17 | 15,000                 | 4,080       | 4,864      |
| 2017-18 | 15,000                 | 5,000       | 4,999*     |
| 2018-19 | 9,000                  | 6,000       | -          |
| 2019-20 | 6,000                  | -           | -          |
| Total   | 50,000                 | 18,999      | 12,565     |

*Revised Estimate. Sources: Standing Committee on Urban Development, 2017; Budget documents; PRS.   
As per the Cabinet note, the Ministry seeks to spend Rs 50,000 crore on AMRUT by 2019-20.  As per the government's proposal, the Ministry should have spent Rs 35,000 crore (70% of the total) by 2017-18.  So far, looking at the actual expenditure, the Ministry has spent Rs 12,565 crore (25.1% of the proposed total).  The government has to achieve 74.9% of the total target in 2018-19, and 2019-20. The allocation towards the scheme has been increasing over the period from 2015-16 till 2018- 19.  In 2015-16, the expenditure was 69% of the budget estimate, while in 2016-17, the actual expenditure over shot the budget estimate (119% of budget estimate).   
The Smart Cities Mission aims to develop cities that provide core infrastructure and give a decent quality of life to its citizens, a clean and sustainable environment, and apply 'smart' solutions.  So far, 99 cities have been selected under the Mission.10 These were selected via the Smart City challenge. The cities were evaluated based on their Smart City Proposals, which consists of an area based development strategy, and a pan city development strategy.  The mission will be operated as a Centrally Sponsored Scheme The budget estimate for 2018-19 is Rs 6,619 crore, an increase of 54% over the revised estimates of 2017-18.   

## Mission ( Rs Crore)

| Year    | Budgeted    | Actuals    | % utilised    |
|---------|-------------|------------|---------------|
| 2015-16 | 2,020       | 1,484      | 73%           |
| 2016-17 | 3,215       | 4,412      | 137%          |
| 2017-18 | 4,000       | 4,000*     | 100%          |
| 2018-19 | 6,169       |            |               |

*Revised estimates. Sources: Budget documents 2015-16 to 2018-19; PRS. 

In 2016-17, the actual expenditure increased by 197% over the actual expenditure in 2015-16. Correspondingly, 2016-17 saw overspending against the budget estimate (137% of budget estimate).  In 2017-18, the actual expenditure is estimated to be lower than in 2016-17, and equal to the budget estimate. A total investment of Rs 2,01,981 crore is proposed by the 99 cities under their smart city plans.11  The central and state governments will meet only part of the project costs.  The central government will provide financial assistance of up to Rs. 48,000 crore over five years, that is, an average of Rs. 100 crore per city per year.  The states and ULBs will have to contribute an equal amount, and generate the additional amount as required.  Other sources of financing include, PPP's, borrowings, and innovative mechanisms such as municipal bonds. So far, of the cities that were selected in round one of the competition (January 2016), 49% of the projects are in the detailed project report preparation phase.  Almost all cities selected in round two have set up a special purpose vehicle (SPV).  Cities recently selected in round three and four are in the process of establishing Special Purpose Vehicles (SPV).12 
Swachh Bharat Mission (SBM)- Urban Swachh Bharat Mission (SBM), launched in October 2014, aims to eliminate open defecation and achieve 100% scientific management of municipal solid waste in all 4,041 statutory towns by October 2, 2019.13,14 The budget estimate for 2018-19 is Rs 2,500 crore. This is a 9% increase over the revised estimates of 2017-18. The table below shows the allocations towards SBM- Urban.   
Table 9: Allocation towards SBM Urban ( Rs crore) 

| Year    | Budgeted    | Actuals    | % utilised    |
|---------|-------------|------------|---------------|
| 2014-15 | 1,690*      | 859        | 51%           |
| 2015-16 | 1,000*      | 766        | 77%           |
| 2016-17 | 2,300       | 2,135      | 93%           |
| 2017-18 | 2,300       | 2,300      | 100%          |

*Revised estimates. Sources: Budget documents 2015-16 to 2018-19; PRS. 

In 2016-17, the actual expenditure was 179% higher over the actual expenditure of 2015-16. Since 2014-15, the Ministry has underutilised the funds allocated towards the scheme.  However, the utilisation of funds has improved each year.  In 2017-18, the actual expenditure is estimated to equal the budget estimate. The total estimated cost of implementation of SBM- Urban is Rs 62,009 crore.  Of this, the share of the central government is Rs 14,623 crore, and states' assistance will amount to Rs 4,874 crore.  
The remainder is to be financed via various sources such as the private sector, Swachh Bharat Kosh, market borrowing, and external assistance.   
Achievements:  The table below shows the number of toilets constructed as of November 2017, as compared to the targets set for October 2019.  

 
Target 
Achievement 
% 
achieved 
Community and Public toilets 
5,08,000 
2,43,152 
48% 
| 66,42,000    |
|--------------|
| Individual   |
| Household    |
| toilets      |

Sources: Ministry of Housing and Urban Affairs; PRS. 

As of November 2017, 22% of the total municipal solid waste generated daily, is processed.15   
Awareness:  The Swachhta Status Report, 2016 
showed that as per information collected in 2012, people may not use toilets in  spite of having access to them.16  During 2012, 0.2% households in urban areas had access to toilets but were not using them. The reasons for not using them include, not clean/ insufficient water, malfunctioning of the toilets, and personal preference.  In the Standing Committee, Urban Development, Report on Demands for grants 2017-18, the Ministry noted that it has shifted emphasis from construction of toilets to behavioural change.2  15% of the total central allocation is earmarked for the Information, Education, and Communication (IEC) and Public Awareness component of the scheme.  Of the total central release as on January 2, 2018, 12% of the release accounts for this component.17   
Other issues to consider  
Additional investment: In the current landscape of rising unplanned urbanisation, the High Powered Expert Committee (HPEC) (2011) for Estimating the Investment Requirements for Urban Infrastructure Services had estimated Rs 39 lakh crore (at 2009-10) prices for the period from 2012- 2031.18   As per their framework, the investment in urban infrastructure should increase from 0.7% of GDP in 2011-12 to 1.1% of GDP by 2031-32. The pace of urbanisation is increasing in the country.  As per the 2011 census, around 31% of the country's population resided in urban areas.19 By 2031, around 600 million (43%) people will live in urban areas, an increase of over 200 million in 20 years.  Given the pace of urbanisation, large capital investments are needed for infrastructure projects which includes support from central and state governments in the form of capital grants. The budgetary outlays alone are not enough to the service the growing demands on local governments.20  Alternate sources of financing are required to meet the funding gap.20   The flagship schemes of the Ministry (such as Smart Cities Mission, Swachh Bharat Mission) seek to meet their financing requirements through a mix of sources such as borrowings, municipal bond financing, and PPPs. 

Financial capacity of ULBs: The Constitution 
(74th Amendment) Act, 1992 devolved certain matters relating to urban development to urban local bodies, including the power to collect certain taxes.  Some of the functions assigned to urban local bodies include urban planning, planning for economic and social development, and urban poverty alleviation.  The new schemes under the Ministry, seek to decentralize the planning process to the city and state level, by giving them more decision making powers.  So, while earlier, majority of the funding came from the central and state governments, now, a significant share of the funding needs to be raised by the cities themselves. There is an imbalance between the functions and finances of urban local bodies.21  The ULBs in India are amongst the weakest in the world both in terms of capacity to raise a resources and financial autonomy.  The share of own revenue for ULBs has been declining from 63% in 2002-03, 53% in 2007- 8, and 44% in 2015-16.22,23  Several states have not devolved enough taxation powers to local bodies. Further, local governments collect only a small fraction of their potential tax revenue.  These devolved funds are largely tied in nature, to either specific sectors or schemes.  This constrains the spending flexibility of ULBs. PPP's have been an important instrument to finance and develop infrastructure projects.  However, projects in many sectors require support from ULBs in the form of additional financial resources. Inability to service such funding requirements constrains project implementation.20 In such cases, ULBs can access capital markets through issuance of municipal bonds.  Municipal bonds are marketable debt instruments issued by ULBs, the funds raised may be used for capital projects, refinancing of existing loans, and meeting working capital requirements.  The Securities and Exchange Board of India regulations (2015) regarding municipal bonds provide that, to issue such bonds, municipalities must: (i) not have negative net worth in any of the three preceding financial years, and (ii) not have defaulted in any loan repayments in the last one year.24  Therefore, a city's performance in the bond market depends on its fiscal performance. To strengthen alternate sources of financing, the Department of Economic Affairs, Ministry of Finance has initiated a pilot program for readiness assessment and model development for Municipal bond financing in select urban local bodies.20   
 
                                                                                    
5 Lok Sabha Unstarred Question No.2528, Ministry of Housing and Urban Affairs, January 2, 2018, http://164.100.47.190/loksabhaquestions/annex/13/AU2528.pdf. 6 Report of the Group of Secretaries, Group 4- Health, Sanitation and Urban Development, January 2017, https://smartnet.niua.org/sites/default/files/resources/report_of_s ectoral_group_of_secretaries_on_health_sanitation_urban_devel opment.pdf. 7 "Cabinet approves creation of national Urban Housing Fund", Press Information Bureau, Ministry of Housing and Urban Affairs, February 22, 2018, http://pib.nic.in/newsite/PrintRelease.aspx?relid=176687. 8 Building Materials and Technology Promotion Council, Ministry of Housing and Urban Affairs, http://www.bmtpc.org/topics.aspx?type=sub&mid=19. 9 Mission Statement and Guidelines, Atal Mission for Rejuvenation and Urban Transformation, Ministry of Urban Development, June 2015, http://amrut.gov.in/writereaddata/AMRUT%20Guidelines%20.p df. 10 "Silvassa Tops the List of Winner Cities- Erode, Diu, Biharsharif, Itanagar and Kavaratti Selected in Round 4 of Smart Cities- Bareilly, Moradabad and Saharanpur in UP also selected- 
99 Smart Cities selected so Far", Press Information Bureau, Ministry of Housing and Urban Affairs, January 19, 2018, http://pib.nic.in/newsite/PrintRelease.aspx?relid=175750. 11Smart Cities, Ministry of Housing and Urban Affairs, http://www.mohua.gov.in/cms/smart-cities.php.  Last accessed on February 8, 2018. 12Unstarred Question no. 490, Ministry of Housing and Urban Affairs, Lok Sabha, February 6, 2018, http://164.100.47.190/loksabhaquestions/annex/14/AU490.pdf. 13 "Swachh Bharat Mission needs to become a Jan Andolan with participataion from every stakeholder: Hardeep Puri 1,789 Cities have been declared ODF conference on PPP model for waste to energy projects", Ministry of Housing and Urban Affairs, Press Information Bureau, November 30, 2017, http://pib.nic.in/newsite/PrintRelease.aspx?relid=173995. 14 "PM launches Swachh Bharat Abhiyaan", Prime Minister's Office, Press Information Bureau, October 2, 2014, http://pib.nic.in/newsite/PrintRelease.aspx?relid=110247.  
15 Swachh Bharat Urban, Ministry of Housing and Urban Affairs, last accessed on January 25, 2018, http://swachhbharaturban.gov.in/writereaddata/Statewise_status _of_implementation.pdf. 16Swachhta Status Report, National Sample Survey Office, 2016, https://smartnet.niua.org/sites/default/files/resources/swachhta_s tatus_report_2016_17apr17.pdf.  
 
 
17 Unstarred Question no. 211, Ministry of Housing and Urban Affairs, Lok Sabha, January 2, 2018, http://164.100.47.190/loksabhaquestions/annex/13/AS211.pdf. 18 "Report on Indian Infrastructure and Services", High Powered Expert Committee for estimating the investment requirement for urban infrastructure services, March 2011, http://icrier.org/pdf/FinalReport-hpec.pdf. 

19 Challenge of Urbanisation, Approach to the 12th five year plan, Planning Commission, October 2011, http://planningcommission.gov.in/plans/planrel/12appdrft/appra och_12plan.pdf. 20 "Guidance on use of Municipal Bond Financing for Infrastructure projects", Department of Economic Affairs, Ministry of Finance, September 2017, https://www.pppinindia.gov.in/documents/20181/33749/Guidan ce+on+use+of+Municipal+Bonds+for+PPP+projects.pdf/037cb 143-8305-4c57-8f3c-32e5a329297f. 21 "Report of the sub-committee on financing urban infrastructure in the 12th Plan, Ministry of Urban Development, March 2012, http://mohua.gov.in/upload/uploadfiles/files/Report%20of%20th e%20Sub- Committee%20on%20Financing%20Urban%20Infrastructure% 20in%20the%2012th%20Plan%20_0.pdf. 22 Report of the Steering Committee on Urbanisation, Planning Commission, Government of India, November 2012, https://smartnet.niua.org/content/d5ce7e1d-04fd-45c4-af11- b9e6a25e4ea8. 23 Economic Survey 2017-18, Ministry of Finance, January 29, 2018. 24 Securities and Exchange Board of India (Issue and Listing of Debt Securities by Municipalities) Regulations, 2015, Securities and Exchange Board of India, July 15, 2015, http://www.sebi.gov.in/sebi_data/attachdocs/1436964571 729.pdf. DISCLAIMER: This document is being furnished to you for your information.  You may choose to reproduce or redistribute this report for non-commercial purposes in part or in full to any other person with due acknowledgement of PRS Legislative Research ("PRS").  The opinions expressed herein are entirely those of the author(s).  PRS makes every effort to use reliable and comprehensive information, but PRS does not represent that the contents of the report are accurate or complete.  PRS is an independent, not-for-profit group.  This document has been prepared without regard to the objectives or opinions of those who may receive it. 

 