To boost urban infrastructure, Union Finance Minister Nirmala Sitharaman on Saturday announced 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’.<\/p>\n

Presenting the Union Budget 2025-26, Sitharaman said the 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 by bonds, bank loans, and public-private partnerships (PPPs).<\/p>\n

An allocation of Rs 10,000 crore has been proposed for 2025-26, she said.<\/p>\n

The finance minister also said that under the Special Window for Affordable and Mid-Income Housing (SWAMIH), 50,000 dwelling units have been completed in the stressed housing projects, with keys handed over to the homebuyers.<\/p>\n

Another 40,000 units will be completed in 2025, further helping middle-class families which were paying EMIs on loans taken for apartments, while also paying rent for their current dwellings, she said.<\/p>\n

“Building on this success, a SWAMIH Fund 2 will be established as a blended finance facility with contributions from the government, banks and private investors. This fund of Rs 15,000 crore will aim for expeditious completion of another one lakh units,” Sitharaman said.<\/p>\n

The finance minister also announced that the PM Street Vendor’s AtmaNirbhar Nidhi (PM SVANidhi) will be revamped with enhanced loans from banks, UPI-linked credit cards with Rs 30,000 limit, and capacity-building support.<\/p>\n

The scheme has benefitted more than 68 lakh street vendors, giving them respite from high-interest informal sector loans, she said.<\/p>\n

PM SVANidhi is a special micro-credit facility for providing affordable loans to street vendors.<\/p>\n

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)<\/i><\/p>\n

\u200bTo boost urban infrastructure, Union Finance Minister Nirmala Sitharaman on Saturday announced that the government will set up an Urban Challenge Fund of Rs 1 lakh crore to implement the proposals for ‘cities as growth hubs’.\u00a0\u00a0<\/p>","protected":false},"excerpt":{"rendered":"

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