Budget 2023: Urban infra fund will give much-needed impetus, says NIUA director
In her speech, FM Sitharaman said the fund would be used to create infrastructure in Tier-2 and Tier-3 cities through priority sector lending shortfall.
The Budget also included a focus on urban planning reforms and sustainable development. (Express photo by Vishal Srivastav) The Urban Infrastructure Development Fund, announced by Finance Minister Nirmala Sitharaman in her Budget 2023-2024 speech Wednesday, would provide the impetus needed for the growth of infrastructure in cities, Hitesh Vaidya, Director, National Institute of Urban Affairs (NIUA), said.
“The announcement in the budget that government will establish the Urban Infrastructure Development Fund, to be managed by the National Housing Bank, is a great move, which will provide much-needed impetus for urban infrastructure growth,” Vaidya told The Indian Express.
In her speech, FM Sitharaman said the fund would be used to create infrastructure in Tier-2 and Tier-3 cities through priority sector lending shortfall.
“While we are awaiting the details of the fund, I can foresee the strengthening of the urban infrastructure contributing to, among other things, the development of businesses and providing a much-needed fillip for sustainable urban growth, particularly in Tier-2 and Tier-3 cities. The Urban Infrastructure Development Fund will also further accelerate the project development process and implementation,” Vaidya said.
The Budget also included a focus on urban planning reforms and sustainable development, with Sitharaman saying cities and states would be encouraged to take steps in the right direction.
“This means efficient use of land resources, adequate resources for urban infrastructure, transit-oriented development, enhanced availability and affordability of urban land, and opportunities for all,” she had said.
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