Government of India has revised GST rates for multiple items pertaining to Ministry of Heavy Industries.
Union Minister of Finance and Corporate Affairs, Nirmala Sitharaman presented the Budget 2025-2026 in the Parliament today. She said that the Government will set up an Urban Challenge Fund of ` 1 lakh crore. This fund will implement the proposals for ‘Cities as Growth Hubs’. It will also focus on ‘Creative Redevelopment of Cities’. Lastly, it will address ‘Water and Sanitation’ as announced in the July Budget.
Funding and Geospatial Mission Initiatives in Budget 2025-26
This fund will finance up to 25 per cent of the cost of bankable projects. However, the stipulation requires funding at least 50 percent of the cost from bonds. The project must also use bank loans and PPPs. The government proposes an allocation of ₹10,000 crore for 2025-26.
The Budget proposes starting a National Geospatial Mission to develop foundational Geospatial infrastructure and data. Using PM Gati Shakti, this Mission will facilitate modernization of land records, urban planning, and design of infrastructure projects.
Govt Prioritizes Urban Poor with New Upliftment Scheme ; Nirmala Sitharaman
Sitharaman said that the Government has been giving priority to assisting urban poor and vulnerable groups. The government will implement a scheme for the socio-economic upliftment of urban workers.
It aims to help them improve their incomes. This will allow them to have sustainable livelihoods and a better quality of life.
Gig workers of online platforms provide great dynamism to the new-age services economy. Recognising their contribution, our Government will arrange for their identity cards and registration on the e-Shram portal. They will be provided healthcare under PM Jan Arogya Yojana. This measure is likely to assist nearly 1 crore gig-workers.
The Finance Minister highlighted that the PM SVANidhi scheme has benefitted more than 68 lakh street vendors. It gives them respite from high-interest informal sector loans. Building on this success, the scheme will be revamped. It will include enhanced loans from banks. UPI linked credit cards with a ` 30,000 limit will also be offered. Additionally, there will be capacity building support.
She highlighted that under the Special Window for Affordable and Mid-Income Housing (SWAMIH), developers have completed fifty thousand dwelling units in stressed housing projects and handed over the keys to homebuyers. They will complete another forty thousand units in 2025.
4oThis will further help middle-class families. These are families who were paying EMIs on loans taken for apartments. They were also paying rent for their current dwellings.
Building on this success, SWAMIH Fund 2 will be established as a blended finance facility with contribution from the Government, banks and private investors. This fund of ` 15,000 crore will aim for expeditious completion of another 1 lakh units.
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