New Delhi, Feb. 14 -- The union Cabinet has approved the launch of the Urban Challenge Fund (UCF) with a total Central Assistance (CA) of Rs 1 lakh crore, marking what the government described as a paradigm shift in India's urban development strategy.
Briefing reporters on Saturday about decisions taken at Friday's Cabinet meeting, union Minister for Information and Broadcasting Ashwini Vaishnaw said the new fund would transform the way cities are financed and developed.
"The Urban Challenge Fund will move urban development from a grant-based model to a market-linked, reform-driven and outcome-oriented approach. With Rs 1 lakh crore in Central Assistance and mandatory market mobilization, this initiative will lead to a total investment of...