India, Feb. 1 -- Union Finance Minister Nirmala Sitharaman, while presenting the Budget 2025-2026 in the Parliament, on Saturday said 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' announced in the July Budget.
She further added this 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 from bonds, bank loans, and PPPs.
An allocation of Rs. 10,000 crore is proposed for 2025-26.
The Budget has proposed that a National Geospatial Mission will be started to develop foundational geospatial infrastructure and data.
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