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To help cities raise money, the government-backed ₹1 lakh crore Urban Challenge Fund: think of it as a push for cities to use market-based financing instead of just government grants.
If local bodies can cover one-half their project costs through things like municipal bonds or public-private partnerships, they unlock central funds too.
Municipal bonds are slowly catching on (with only 17 cities using them since FY18), but investor confidence is rising.
Plus, smaller towns may get extra support through a special credit guarantee scheme designed to boost their access to funding.