Can issuers contribute to infrastructure development through municipal bonds in India Evaluation of factors using AHP approach

This study aims to fill a gap in the literature by identifying, the most significant factors attributing to the slow growth of municipal bonds in India.Nine factors were identified, and then divided into three categories: proper governance, issuer's strength, government support.We used the analytical hierarchy process, a quantitative method of decision-making, to evaluate the importance of the factors presented in the study using data collected from 13 experts.The results showed that government support, as a category, is the most important.The analysis also indicated that audited reports, incentives to issuers, revenue stability and updated accounting and financial management practices are the most important factors among all nine sub-factors.We confer the propositions of the analysis for policy makers and other regulatory bodies through this paper.