There is a dire need to plan for and substantially invest in the infrastructure of Indian cities to meet the aspirations of nearly half a billion people.  Market-based mechanisms, including municipal bonds, could finance infrastructure and help improve the quality of living in those cities.{^widget|(name)BSG.PersonalizedCard|(Path)%2fPersona-Widget-Content%2fImpact-Investing%2f%2525|(TilePosition)right|(widget_displayname)*+Personalized+Card^}

To accomplish this, stakeholders across the urban development sector must galvanize on two parallel reform tracks:

• First, a set of fundamental financial and institutional strengthening reforms across city agencies
• Second, targeted, market-building solutions that prepare both the city agencies and investors to participate in market-based financing mechanisms.

Municipal bonds–and debt, more widely–can contribute to bridging India’s infrastructure financing gap and can be a viable funding mechanism for a wide range of capable city agencies.