Union Budget 2025 Reactions | Urban challenge fund will help to reshape cities into dynamic growth hubs, says Neeti Sharma, CEO, TeamLease Digital

Neeti said, 'Urban challenge fund will encourage local governments to build smarter, greener, and more sustainable urban centers, which will thereby attract more economic growth.'

Finance Minister Nirmala Sitharaman tabled the much-anticipated Union Budget for FY26 in the Lok Sabha on February 1, in a speech which lasted for 74 minutes.

Talking about Urban Challenge Fund, Neeti Sharma, CEO, TeamLease Digital said, "The Urban Challenge Fund, announced in India's Union Budget 2025 is a welcome move. This will help to reshape cities into dynamic growth hubs. By funding innovative redevelopment and infrastructure projects—especially in water, sanitation, and public spaces—it will encourage local governments to build smarter, greener, and more sustainable urban centers, which will thereby attract more economic growth. This initiative will not only improve livability but also attract businesses, create jobs, and strengthen local economies, making cities key drivers of India's economic transformation."

About national framework on GCCs, Neeti said, "The announcement of a national framework to promote growth of GCCs in Tier-2 cities will transform India’s economic landscape, thereby creating a balanced economic development across States.  As GCCs are projected to generate millions of jobs, this framework will facilitate the growth of formal employment opportunities for the youth, capitalise on talent availability in our Tier 2 & 3 cities, upgrade infrastructure and make these cities more attractive for global businesses.  By investing in skill development, improving urban infrastructure, and simplifying regulations, India is creating the right environment for GCCs to thrive. This move strengthens India’s position as a global hub for digital services while ensuring balanced and inclusive economic growth."

"Bolstering India’s domestic electronic equipment industry will create millions of jobs and strengthen formal employment, with projections of 12 million new roles by 2027. Initiatives like the PLI Scheme and local manufacturing of critical components will drive this expansion. To fully harness this opportunity, India must invest in skill development, strengthening apprenticeship programs, and fostering industry-academia collaboration. By equipping youth with industry-ready skills, India can bridge the talent gap and position itself as a global leader in electronics manufacturing," Neeti said about domestic electronic equipment boost.

Union Budget 2025 | Nirmala Sitharaman, as Finance Minister, presented her record 8th Union Budget this time. While inflation has burnt a hole in the pockets of 'aam janata', the Modi govt gave income tax relief for those making up to Rs 12 lakh per year in salaried income. Track the latest coverage, live news, in-depth opinions, and analysis only on Deccan Herald. Also follow us on WhatsApp, LinkedIn, X, Facebook, YouTube, and Instagram.