Budget
Union Budget 2025: Nirmala Sitharaman says govt will setup Urban Challenge Fund of Rs 1 lakh crore
Union Finance Minister Nirmala Sitharaman, while presenting the Budget 2025-2026 in the Parliament, on Saturday said that the Government will set up an Urban Challenge Fund of Rs 1 lakh crore to implement the proposals for ‘Cities as Growth Hubs’, ‘Creative Redevelopment of Cities’ and ‘Water and Sanitation’ announced in the July Budget.
She further added this fund will finance up to 25 per cent of the cost of bankable projects with a stipulation that at least 50 per cent of the cost is funded from bonds, bank loans, and PPPs.
An allocation of Rs. 10,000 crore is proposed for 2025-26.
The Budget has proposed that a National Geospatial Mission will be started to develop foundational geospatial infrastructure and data.
Using PM Gati Shakti, this Mission will facilitate modernization of land records, urban planning, and design of infrastructure projects.
Sitharaman said that the Government has been giving priority to assisting urban poor and vulnerable groups.
A scheme for socio-economic upliftment of urban workers will be implemented to help them improve their incomes, have sustainable livelihoods and a better quality of life.
Gig workers of online platforms provide great dynamism to the new-age services economy. Recognising their contribution, our Government will arrange for their identity cards and registration on the e-Shram portal.
They will be provided healthcare under PM Jan Arogya Yojana. This measure is likely to assist nearly 1 crore gig-workers.
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