📷 Image: Wikimedia Commons / Bernard Gagnon
Politics
Ujjain to Raise ₹800 Crore via Temple Bonds for 11 Temples, Sparks Political Row
✍️ Amar Ujala · Ujjain
🗓 24 Oct 2026, 06:01 PM
👁 15
The Madhya Pradesh government is planning to issue bonds worth ₹800 crore to fund renovation of eleven temples in Ujjain, a move that has ignited political controversy.
The state administration of Madhya Pradesh has announced a proposal to raise approximately ₹800 crore through a special "temple bond" scheme. The funds are earmarked for the restoration, infrastructure upgrade and heritage conservation of eleven historic temples located in the city of Ujjain, a major pilgrimage centre.
The proposal has drawn sharp criticism from opposition legislators who allege that the bond issue blurs the line between state finances and religious institutions. Critics argue that using public borrowing for temple projects could set a precedent for communal favoritism and strain the state's fiscal discipline.
In response, officials from the finance department clarified that the bonds will be structured as market‑linked securities, with repayment sourced from the projected increase in temple tourism and associated revenues. The government says the scheme will be floated within the next two months after obtaining necessary clearances from the securities regulator.
The move follows earlier attempts by several Indian states to monetize religious assets, though such initiatives have remained limited. Analysts note that if successful, the Ujjain bond could become a model for heritage financing, but they also caution that political opposition may delay or reshape the plan.
The proposal has drawn sharp criticism from opposition legislators who allege that the bond issue blurs the line between state finances and religious institutions. Critics argue that using public borrowing for temple projects could set a precedent for communal favoritism and strain the state's fiscal discipline.
In response, officials from the finance department clarified that the bonds will be structured as market‑linked securities, with repayment sourced from the projected increase in temple tourism and associated revenues. The government says the scheme will be floated within the next two months after obtaining necessary clearances from the securities regulator.
The move follows earlier attempts by several Indian states to monetize religious assets, though such initiatives have remained limited. Analysts note that if successful, the Ujjain bond could become a model for heritage financing, but they also caution that political opposition may delay or reshape the plan.