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Context:
Union Finance Minister Nirmala Sitharaman presented key initiatives in urban development, focusing on modernizing cities, enhancing the livelihoods of the urban citizenry, housing, and workers in the gig economy.
Key Announcements
₹1 Lakh Crore Urban Challenge Fund
- Will support projects under Cities as Growth Hubs, Creative Redevelopment, and Water & Sanitation.
- ₹10,000 crore in 2025-26.
- Covers up to 25 percent of project costs, with 50 percent funding from bonds, bank loans, or public-private partnerships (PPPs).
National Geospatial Mission
- Seeks to upgrade land records, urban planning, and infrastructure design.
- Utilizes the PM Gati Shakti framework to accelerate project implementation.
Support for Urban Poor and Workers
- A new initiative will be based on socio-economic upliftment of urban workers.
- Focus areas are income generation, sustainable livelihoods, and quality of life.
Welfare of Gig Workers
- One crore gig workers will be issued identity cards and registered on the e-Shram portal.
- Health coverage will be made available under PM Jan Arogya Yojana.
Expansion of PM SVANidhi Scheme for Street Vendors
- Over 68 lakh street vendors have been benefited till date.
- New measures: More credit from banks to street vendors.
- UPI-linked credit cards with ₹30,000 credit limit. Capacity building support to the vendors.
Push to Affordable and Mid-Income Housing
- Under the Special Window for Affordable and Mid-Income Housing (SWAMIH), 50,000 housing units have been completed, along with an additional 40,000 to be completed in 2025.
- SWAMIH Fund 2 will be rolled out with ₹15,000 crore as a blended finance facility contributed by the government, banks, and private investors.
- The new fund is expected to accelerate completion of an additional one lakh housing units.
Conclusion
The Union Budget 2025-26 promotes urban transformation through the following steps: Boosting infrastructures and re-development by the amount of providing funds through the Urban Challenge Fund. Leverage technology for better urban planning through Geospatial Mission. Support gig workers and street vendors by immediately recognizing their identity, healthcare support, and credit access. Accelerate the affordable housing projects for the benefit of middle-class families.
