New Delhi, Feb. 1 -- In a major push to make Indian cities more self-reliant by strengthening municipal finances, the Union Budget on Sunday proposed a series of measures aimed at expanding market-based funding options, improving revenue autonomy of urban local bodies and reducing their dependence on state and central transfers.

The budget, tabled by finance minister Nirmala Sitharaman in Lok Sabha, proposed a Rs.100 crore single-bond issuance to mobilise long-term funds for urban infrastructure projects, while continuing the Rs.200 crore incentive allocation under the AMRUT scheme to support smaller and medium towns by enhancing their ability to raise resources, upgrade infrastructure and access capital markets.

Mint was the first to r...