The union government will develop 50 tourist destination sites in the country in partnership with states through a challenge mode, the minister said in her Budget speech…reports Asian Lite News
Finance Minister Nirmala Sitharaman, while presenting the Budget 2025-2026 in the Parliament on Saturday, said that the Government will set up an Urban Challenge Fund of Rs 1 lakh crore to implement the proposals for ‘Cities as Growth Hubs’, ‘Creative Redevelopment of Cities’ and ‘Water and Sanitation’ announced in the July Budget.
She further added this fund will finance up to 25 per cent of the cost of bankable projects with a stipulation that at least 50 per cent of the cost is funded from bonds, bank loans, and PPPs. An allocation of Rs 10,000 crore is proposed for 2025-26.
The Budget has proposed that a National Geospatial Mission will be started to develop foundational geospatial infrastructure and data. Using PM Gati Shakti, this Mission will facilitate the modernisation of land records, urban planning, and design of infrastructure projects.
Sitharaman said that the Government has been giving priority to assisting urban poor and vulnerable groups. A scheme for the socio-economic upliftment of urban workers will be implemented to help them improve their incomes, have sustainable livelihoods and a better quality of life.
Gig workers of online platforms provide great dynamism to the new-age services economy. “Recognising their contribution, our Government will arrange for their identity cards and registration on the e-Shram portal. They will be provided healthcare under PM Jan Arogya Yojana. This measure is likely to assist nearly 1 crore gig-workers,” she said.
The Finance Minister highlighted that the PM SVANidhi scheme has benefitted more than 68 lakh street vendors giving them respite from high-interest informal sector loans. Building on this success, the scheme will be revamped with enhanced loans from banks, UPI-linked credit cards with Rs 30,000 limit, and capacity-building support.
She highlighted that under the Special Window for Affordable and Mid-Income Housing (SWAMIH), 50,000 dwelling units in stressed housing projects have been completed, and keys handed over to home-buyers. Another 40,000 units will be completed in 2025, further helping middle-class families who were paying EMIs on loans taken for apartments, while also paying rent for their current dwellings.
Building on this success, SWAMIH Fund 2 will be established as a blended finance facility with contributions from the Government, banks and private investors. This fund of Rs 15,000 crore will aim for expeditious completion of another 1 lakh units.
Government to develop top 50 tourist sites
Finance Minister Nirmala Sitharaman has outlined ambitious plans to elevate India’s tourism sector, with a focus on developing the country’s top 50 tourist destinations.
The union government will develop 50 tourist destination sites in the country in partnership with states through a challenge mode, the minister said in her Budget speech.
Land for building key infrastructure will have to be provided by states, Sitharaman announced while presenting the Union Budget 2025-26 in the Lok Sabha.
In a major push for the tourism sector, she also revealed plans to extend Mudra loans to homestays, making travel experiences more accessible and boosting local economies.
Sitharaman emphasised that India’s diverse heritage and cultural landmarks hold immense potential for economic growth.
Hotels in those destinations will be included in the infrastructure HML( harmonised master list).
The government continuing with its emphasis on places of spiritual and religious significance in the July interim Budget, said there will be a special focus on destinations related to the life and times of Lord Buddha.
Additionally, medical tourism and healing in India will be promoted in partnership with the private sector along with capacity building and easier visa norms.
The finance minister, during her Union Budget 2025 speech, also announced that no income tax will be payable on income up to Rs 12 lakh, providing significant relief to taxpayers, especially the middle class.
This limit will be Rs 12.75 lakh for salaried taxpayers, counting Rs 75,000 of standard deduction. She also stated that the new income tax regime will be simpler, with a special focus on benefiting the middle class.
But there is a catch: the exemption can be earned only if a taxpayer takes relief under various sections of the Income Tax Act, like the Rs 1.5 lakh exemption under section 80CCC and the exemption of Rs 1.5 lakh for paying interest on home loans.
Sitharaman says, “To taxpayers, up to Rs 12 lakh of normal income (other than special rate income such as capital gains) tax rebate is being provided in addition to the benefit due to slab rate reduction in such a manner that there is no tax payable by them.”
