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Finance Minister Sentenced “Urban Infrastructure Development Fund to be Established” at Union Budget 2023-24

Nirmala Sitharaman

New Delhi : Presenting the Union Budget 2023-24 in Parliament today, on February 01, 2023, the Union Minister for Finance and Corporate Affairs, Smt. Nirmala Sitharaman said that states and cities will be encouraged to make our cities ‘sustainable cities of the future’ Urban planning reform and action to transform. This will require efficient use of land resources, creating adequate resources for urban infrastructure, promoting transit-oriented development, increasing the availability and affordability of urban land, and providing opportunities for all.

Urban Infrastructure Development Fund

Smt. Nirmala Sitharaman said that an Urban Infrastructure Development Fund (UIDF) will be set up through the use of priority sector lending. It will be managed by the National Housing Bank and will be used by public agencies to create urban infrastructure in Tier 2 and Tier 3 cities.

Making Cities Ready for Municipal Bonds

The Finance Minister said that cities will be encouraged to improve their credit-worthiness. This would be done through property tax, governance reforms and user charges on urban infrastructure.

Urban Sanitation

Septic tanks and sewers in all cities and towns will be cleaned 100 percent mechanically by using man-holes as machine-holes to remove sewage sludge. Special attention will be paid to the scientific management of dry and wet waste.

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