Budget 2024: Transforming Urban Development Through Comprehensive Housing and Infrastructure Plans
News Mania Desk/Agnibeena Ghosh/24th July 2024
In the latest Budget 2024 announcement, the Indian government has laid out ambitious plans to revamp urban development across the country, focusing on major cities, housing, and essential infrastructure improvements. The new measures aim to address the pressing needs of urban areas and enhance the quality of life for millions of residents.
A key highlight of the budget is the introduction of Transit-Oriented Development (TOD) plans for 14 large cities with populations exceeding 30 lakh. These plans are designed to integrate land use with transportation systems, creating compact and walkable urban environments. By emphasizing efficient public transportation and reducing traffic congestion, TOD seeks to improve accessibility and make urban living more sustainable.
The government’s commitment to urban housing is further underscored by the PM Awas Yojana Urban 2.0 initiative, which targets the housing needs of one crore urban poor and middle-class families. With an impressive investment of ₹10 lakh crore, including central assistance of ₹2.2 lakh crore over the next five years, this initiative aims to provide safe and affordable housing options. To facilitate home loans, interest subsidies will also be offered, enhancing the accessibility of housing for urban residents and significantly improving their living conditions.
Water supply and sanitation projects are another major focus, with plans to enhance infrastructure in 100 large cities. Collaborating with state governments and multilateral development banks, the initiative will address sewage treatment, solid waste management, and water supply challenges. The government also plans to explore the use of treated water for irrigation and other purposes, aiming to improve public health and environmental sustainability in urban areas.
In support of local businesses and vibrant public spaces, the government will build on the success of the PM SVANidhi Scheme by developing 100 weekly ‘haats’ or street food hubs annually over the next five years. This initiative will support street vendors and provide residents with diverse and affordable food options, contributing to the local economy and community life.
Additionally, the government plans to encourage states with high stamp duty rates to lower them, particularly for properties purchased by women. This measure aims to facilitate urban development and property ownership, making it more accessible for individuals and promoting economic participation.
Overall, the Budget 2024 outlines a comprehensive approach to urban development, focusing on improving public transportation, expanding affordable housing, upgrading essential infrastructure, and supporting local businesses. These initiatives reflect a commitment to creating more livable, efficient, and sustainable urban environments. By addressing these key areas, the government aims to enhance the quality of life for urban residents, foster economic growth, and support the broader goals of national development.
