MP Govt To Issue 'Temple Bonds' To Fund Shrine Upgrades

(MENAFN- IANS) Bhopal, May 30 (IANS) With a view to improving, enhancing, and sprucing up religious infrastructure and boosting spiritual tourism, the Ujjain administration has announced ₹200 crore 'Temple Bonds' as part of its ₹1,100 crore project for the renovation and modernisation of 11 prominent temples in Ujjain and Agar Malwa districts.

For the first time in the state, the administration will raise ₹200 crore through Temple Bonds, a unique financial instrument that allows citizens and institutions to invest directly in temple development. The bonds will offer investors both principal repayment and interest after a fixed tenure.

The remaining funds will come from multiple sources: ₹275 crore from the Urban Challenge Fund and ₹625 crore through bank financing.

According to government officials, detailed project reports (DPRs) are being prepared for each temple, covering conservation, beautification, pilgrim facilities, disaster management, and infrastructure upgrades.

Divisional Commissioner Ashish Singh chaired a high-level meeting, during which he directed officials to complete all formalities for issuing the Temple Bonds by July 15, with the official launch targeted for July 31. Approvals from the state finance department, law department, and SEBI will be sought shortly. Interest rates, minimum investment amounts, and other terms will be finalised soon.

Key temples included in the project are Baba Kalbhairav Temple (the guardian deity of Ujjain), Shri Mangalnath Temple (believed to be the birthplace of planet Mars), Shri Sandipani Ashram (where Lord Krishna received his education), Navagraha Temple, 84 Mahadev Temples, Maa Baglamukhi Temple in Agar Malwa, and several others.

The Commissioner of Ujjain has also posted on his official X handle about the Temple Bonds.

Municipal Corporation Commissioner Abhilash Mishra said ₹275 crore from the Urban Challenge Fund would be used to improve surrounding urban infrastructure, including roads, drainage, street lighting, and parking.

UDA CEO Sandeep Soni informed that discussions for bank funding are already underway.

The project aims to elevate facilities for devotees to world-class standards, including better darshan systems, crowd management, sanitation, drinking water, security, and parking.

Special focus will be placed on preserving the ancient character and archaeological significance of the temples while introducing modern amenities such as façade lighting, digital displays, and queue management systems.

With Simhastha-2028 approaching and a sharp rise in devotees following the development of Mahakal Lok, the administration hopes this initiative will ease infrastructure pressure and generate local employment.

The successful model for the redevelopment of the Mahakaleshwar Temple will be replicated across these sites.

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