The Union Budget 2024-25 has given high priority to the development of cities as growth hubs, with Finance Minister Nirmala Sitharaman announcing a series of initiatives to achieve this goal.
The government plans to formulate transit-oriented development plans for 14 large cities with a population above 30 lakh, along with an implementation and financing strategy. This will involve economic and transit planning, and orderly development of peri-urban areas.
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Additionally, the government will create a framework for policies, market-based mechanisms, and regulations to enable creative brownfield redevelopment of existing cities. Under the PM Awas Yojana Urban 2.0, the government aims to address the housing needs of 1 crore urban poor and middle-class families with an investment of Rs 10 lakh crore.
Other initiatives include:
– Promoting water supply, sewage treatment, and solid waste management projects in 100 large cities
– Developing 100 weekly ‘haats’ or street food hubs in select cities
– Encouraging states to moderate stamp duty rates and considering further lowering duties for properties purchased by women
– Facilitating the development of investment-ready industrial parks with complete infrastructure in or near 100 cities
– Sanctioning 12 industrial parks under the National Industrial Corridor Development Programme
Moreover, these initiatives aim to transform cities into growth hubs, promote sustainable development, and improve the quality of life for urban residents.
