Union Budget 2014-15: Urban Development
Union Finance Minister presented Union Budget 2014-15. Certain major steps were announced for urban development.
Union Finance Minister, Arun Jaitley on 10 July 2014 presented Union Budget 2014-15. In his maiden budget, the Union Finance Minister announced certain major steps on urban developments.
He underlined that the budget 2014-15 focus is on providing good infrastructure that includes public transport, solid waste disposal, sewerage treatment and drinking water in urban areas.
Steps announced in the budget 2014-15 for Urban Development includes
• Vision of the Government is that 500 urban habitations to be provided support for renewal of infrastructure and services in next 10 years through Public Private Partnerships (PPPs)
• Present corpus of Pooled Municipal Debt Obligation Facility to be enlarged to 50000 Crore from 5000 crore, which is ten-fold increase. This facility has been extended by five years to 31 March 2019
• 100 crore provided for Metro Projects in Lucknow and Ahmedabad. Apart from this, the government will encourage development of metro rail systems that include light rail system in the PPP mode, which will be supported by the Union Government
Pooled Municipal Debt Obligation Facility
It was set up in 2006 with an aim of participation of several banks to promote and finance infrastructure projects in Urban Areas on shared risk basis.