Prayagraj’s First Super Speciality Hospital

• 24 Jan 2025

Why in News? 

The Uttar Pradesh government, during the ongoing Mahakumbh in Prayagraj, announced several significant initiatives, including the construction of the city’s first super speciality hospital and the approval of municipal bonds for infrastructure development in different districts of UP.   

Key Points 

• Major Announcements by the State Government:   
  • Super Speciality Hospital in Prayagraj: 
    • Uttar Pradesh Urban Development Minister AK Sharma announced the construction of a super speciality hospital in Prayagraj at an investment of ₹100 crore. 
    • This will be the city's first such hospital, funded by the Urban Development Department. 
  • Municipal Bonds for Development: 
    • The Cabinet approved the issuance of municipal bonds for infrastructure development in Prayagraj, Varanasi, and Agra. 
    • A fund of ₹50 crore has been allocated for these districts. 
    • Bonds have previously been issued for Lucknow and Ghaziabad, yielding promising results. 
  • New Medical Colleges: 
    • The government announced the establishment of three medical colleges in Hathras, Kasganj, and Baghpat. 
  • Industrial and Educational Development: 
    • The State Government plans to establish 62 Industrial Training Institutes (ITIs) and five centres of innovation, invention, and training across the state. 
  • Policy Renewal: 
    • The Uttar Pradesh Aerospace and Defence and employment policy, which has completed five years, will be renewed with new incentives to attract investment. 

Municipal Bonds 

• A municipal bond is a debt security issued by a state, municipality or county to finance its capital expenditures, including the construction of highways, bridges or schools. 
  • Through municipal bonds, a municipal corporation raises money from individuals or institutions and promises to pay a specified amount of interest and returns the principal amount on a specific maturity date. 
• These are mostly exempt from federal taxes and from most state and local taxes, making them especially attractive to people in high income tax brackets.