India, Feb. 1 -- To ramp up urban infrastructure, Finance Minister Nirmala Sitharaman said on February 1 that the government would set up an Urban Challenge Fund of Rs.1 lakh crore to finance up to 25 per cent of bankable projects and allocate Rs.10,000 crore for 2025-26.

She said the fund will be used to implement the proposals for cities as growth hubs.

"The government will establish an Urban Challenge Fund of Rs.1 lakh crore to implement proposals for cities as growth hubs, the creative redevelopment of cities and for water and sanitation purposes announced in the July budget. The Fund will finance up to 25% of the cost of bankable projects, with the stipulation that at least 50% of the cost is funded through bonds, bank loans and PP...