ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846

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From 50 Years Ago: Municipal Finances

Editorial from Volume XIV, Nos 51 & 52, December 22, 1962.

The latest survey by the Reserve Bank of the finances of local authorities relating to the year 1960-61, …indicate a deterioration in the finances of the municipal authorities covered under the study. This is disquietening, considering the fast pace of urbanisation in the country despite efforts at dispersal of industries and programmes of rural development. Cities are the centres of creation of wealth; why then are the city corporations unable to collar their due share of it to put back into urban development?

…Only the port trusts and city corporations borrow from the open market, municipalities having no direct borrowing powers of this type. Even the local authorities who are authorised to float loans, however, show greater reliance on the whole on borrowings from the Government than on market loans.

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