Infrastructure
Budget 2023: Govt Focuses On Urban Infrastructure With Dedicated Fund, Governance Reforms And Scientific Management Of Waste
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In the Union Budget 2023, Finance Minister Nirmala Sitharaman envisioned ‘sustainable cities for tomorrow’ with focus on governance reforms, infrastructure financing and scientific management of waste in urban areas.
She said that the union government aims to encourage states and cities to undertake Urban planning reforms for efficient usage of land resources, mobilising adequate resources for urban infrastructure, transit oriented development (TOD) and increasing the affordability of urban land.
The Finance Minister (FM) also announced an Urban Infrastructure Development Fund (UIDF) to make up for any priority sector lending shortfall.
This infrastructure financing fund will be managed by National Housing Bank to finance projects in Tier 2 and Tier 3 urban areas. Rs 10,000 crore per annum would be earmarked for UIDF.
FM Sitharaman announced that the creditworthiness of urban bodies for raising municipal bonds will be increased by encouraging the adoption of reforms in property tax governance and ring fencing user charges.
In her budget speech, the union minister Sitharaman said that the government intends to transition urban areas from ‘Manhole to Machinehole mode’ with 100 per cent mechanical desludging of septic tanks and sewers.
Additionally, the FM announced that enhanced focus will be on scientific management of dry and wet waste in urban areas.
The PM Modi led government at centre is already implementing several schemes like Smart Cities Mission for 100 cities and Atal Mission for Rejuvenation and Urban Transformation (AMRUT) for 500 urban bodies to create urban infrastructure.
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