Srinagar, Aug. 26 -- Move to prepare Jammu and Srinagar Municipal Corporations for entry into the municipal bond market represents a bold step towards reshaping urban governance in Kashmir. For too long, civic bodies have been dependent on budgetary allocations, leaving projects vulnerable to delays and underfunding. By accessing the bond market, they can tap into institutional finance, linking borrowing capacity with commercially viable projects and creating a stronger foundation for sustainable urban growth. The shift offers Kashmir's cities a chance to modernise infrastructure and deliver services that match the pace of urbanisation.

The potential benefits are substantial as the bonds can finance redevelopment, water sustainability, w...