INFRA & HOUSING TO FALL IN PRIORITY SECTOR LANDING AT 7-8%, GOVT. TO BRING OUT FINAL CONCEPT NOTE FOR SMART CITIES BY FEB’15, SAYS VENKAIAH NAIDU

INFRA & HOUSING TO FALL IN PRIORITY SECTOR LANDING AT 7-8%, GOVT. TO BRING OUT FINAL CONCEPT NOTE FOR SMART CITIES BY FEB’15, SAYS VENKAIAH NAIDU

INFRA & HOUSING TO FALL IN PRIORITY SECTOR LANDING AT 7-8%, GOVT. TO BRING OUT FINAL CONCEPT NOTE FOR SMART CITIES BY FEB’15, SAYS VENKAIAH NAIDU

 

No.PR-182
January 22, 2015
New Delhi
 

INFRA & HOUSING TO FALL IN PRIORITY SECTOR LANDING AT 7-8%, GOVT. TO BRING OUT FINAL CONCEPT NOTE FOR SMART CITIES BY FEB’15, SAYS VENKAIAH NAIDU
 

The NDA government has decided to bring the ‘infra and housing finance in the category of priority sector landing between 7 to 8 per cent and asked the banking and housing secretary to workout modalities for it in their meeting which will take place very shortly’,  said Union Minister for Urban Development, Housing & Poverty Alleviation Mr. M Venkaiah Naidu.
 

“It will also finalize the final concept paper of the NDA government on ‘the Smart Cities’ after 31st of this month following my two-day meeting with state secretaries here in New Delhi scheduled for 30th and 31st of January 2015”, informed Mr. Naidu.
 

Inaugurating a Conference on “Modern Urbanization Challenges in Setting up Smart Cities” under aegis of PHD Chamber of Commerce and Industry here today, Mr. Naidu categorically reiterated that the NDA government would no longer resort to ordinance route to facilitate its second generation reforms and appealed to the opposition to assemble in the Parliament to decide, discuss and debate the legislations rather than disrupting such moves.
 

Elaborating on the issue of bringing the housing finance under priority sector landing, Mr. Naidu explained that at his meeting with the Prime Minister and the Finance Minister on Wednesday, the issue of granting priority sector treatment to infrastructure including housing finance was deliberated upon a great deal. 
 

Subsequently, it was decided to ask the housing and banking secretary would meet to workout modalities for it so that a detailed proposal is sent to RBI to make sure that housing and infra financing is made available at the interest rates of between 7 to 8 per cent as prevailed during the previous NDA regime under Mr. Vajpayee, the Minister pointed out.
 

He also said that the Ministry Urban Development, Housing & Poverty Alleviation has made a pre budget representation to this effect to the finance ministry to push for softer interest rate regime for housing and infra projects.
 

On the subject of ‘Smart Cities’, Mr. Naidu held that after his meeting with the all the state secretaries, his ministry would bring out a final concept paper to execute smart cities projects and prepare a detailed cabinet note on it for final approval of the government of the day as actions have to follow in the States.  The Cabinet Note was likely to be approved during the forthcoming budget session, said the Minister.
 

The ‘Smart Cities’ would need close to 70 lakh crores of investments and be executed through public-private-partnership mode (PPP) for which landing be sourced through banking and financial institutions including multilateral agencies, concluded the Minister.
 

Among others who were present in the conference comprised Additional Secretary Ministry of Urban Development Mr. Durga Shankar Mishra, Senior Vice President PHD Chamber Mr. Mahesh Gupta its  Chairman and Co-Chairman, Housing & Urban Development Committee Mr. Rajeev Talwar and Mr. Manish Agarwal.
 

ENDS
 

Koteshwar Prasad Dobhal
Consultant (PR)