Possible regression models for the municipal finances of the municipal corporations of various Indian states

As an extension of the ongoing long term research work of the first author on the detailed mathematical and statistical analysis of the budget of the Bangalore Municipal Corporation (see, A. Sathyavathi https://ssrn.com/abstract=4403863 and Sathyavathi https://ssrn.com/abstract=4461494), in the present paper we propose two possible regression models - the first one a polynomial regression model and the other one a nonlinear regression model to explain the observed trends of the revenue receipts and the revenue expenditures of the municipal corporations of the various Indian States including the Union Territory of Chandigarh for the 2017-18 Accounts Category, which pertains to the data of finances of municipal corporations of the various Indian States during the financial year 2017-2018. We also compare these two models of ours. The entire data used by us in this study is gratefully taken by us from the Report on Municipal Finances which was published by the Reserve Bank of India recently on 10 November, 2022 (see,  https://rbidocs.rbi.org.in/rdocs/Publications/PDFs/ RMF101120223A34C4F7023A4A9E99CB7F7FEF6881D0.PDF).   Key words Municipal finances, Urban Local Bodies, municipal corporations, revenue receipts, revenue expenditures, nonlinear regression, Exponential Association 2 model, Akaike Information Criterion, F-test.  2020 Mathematics Subject Classification 62J02, 62J05, 62J10, 62J99, 62P05, 62P20, 91B62, 91B74, 91B99, 91G70, 91G99.  JEL Classification C02, C12, C19, C21, C25, C29, C31, C35, C39, C49, C58, C59, C60, C63, C65, C69, C80, C83, C87, C88.