Finance Minister Nirmala Sitharaman on February 1 said that the government will be spending Rs 10,000 crore per year for Urban Infrastructure Development Fund.
Outlay of Rs 10,000 crore per year has been set for the fund, the FM said.
The fund will be established through priority sector lending shortfall, to be managed by National Housing Bank, and will be used by public agencies to create urban infrastructure in tier-2 and tier-3 cities, she said.
“The Rs 10,000-crore outlay for Urban Infra Development Fund will help create better infrastructure in Tier 2 and Tier 3 cities, thereby increasing residential and commercial demand in these cities,” said Ramesh Nair, CEO, India and MD, Market Development, Asia at Colliers.
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