What does the Urban Challenge Fund support?
Show answer & explanation
Correct answer: B
Explanation
Correct Answer:
₹1 lakh crore for urban redevelopment, cities as growth hubs
Explanation:
The Urban Challenge Fund is designed to support urban redevelopment and transform cities into growth hubs. In recent policy frameworks, a significant allocation of 1 lakh crore rupees is designated to incentivize state governments and local bodies to undertake structural reforms, infrastructure development, and sustainable urban planning to accommodate rapid urbanization and drive economic growth.
Key Points:
The fund primarily aims to incentivize states to develop cities as centers of economic growth and sustainable living.
It focuses on the modernization of urban infrastructure, town planning schemes, and transit-oriented development.
Financial allocations under such funds encourage competitive and sustainable urban development models among various states.
Important Questions and Answers:
Question: What is the primary objective of developing cities under the Urban Challenge Fund?
Answer: To transform them into growth hubs and centers of economic activity.
Question: What financial corpus is associated with the Urban Challenge Fund for urban redevelopment as per recent government policies?
Answer: 1 lakh crore rupees.