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LATEST NEWS UPDATES | Centre to set up Rs. 1,000-crore fund to promote housing for poor by P Sunderarajan

Centre to set up Rs. 1,000-crore fund to promote housing for poor by P Sunderarajan

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published Published on Dec 14, 2011   modified Modified on Dec 14, 2011

It will provide credit risk guarantee to banks on the loans

Prime Minister Manmohan Singh on Tuesday announced that the Centre was considering setting up a credit risk guarantee fund with a corpus of Rs. 1,000 crore, to start with, to encourage banks to lend to the poor for housing.

Emphasising that developing housing for the poor was critical for sustainable urban development, he said: “To encourage banks to lend in significant volumes to the economically weaker sections and low income groups, we are considering the establishment of a Credit Risk Guarantee Fund with a corpus of Rs. 1,000 crore in the current year.”

Addressing a conference on the sixth anniversary of the Centre's flagship programme, Jawaharlal Nehru National Urban Renewal Mission [JNNURM], he urged city planners to rethink traditional concepts of town planning and make adequate provisions to meet the needs of the poor. “Master plans in the past did not consider spatial requirements for living and working needs of the poor. This must change and change fast enough.”

Dr. Singh also called for greater attention to a participatory approach to urban development, with the institution of citizens' charters for delivery of services, to ensure that both public services and the private sector service providers were made accountable. “We should promote the concept of public-private-people partnerships.”

Pointing out that governance was the weakest link among the key drivers of urban transformation, Dr. Singh said professional inputs from engineers, accountants, water and sanitation experts should be encouraged and called for upgrading and expanding existing schools of urban planning and setting up new centres of excellence in urban management.

Referring to the recommendation of a high-level expert committee headed by Ishwar Ahluwalia, he said that along with its “innovative” suggestions for improving the financing of local bodies — like introduction of a local bodies finance list in the Constitution, empowering them with exclusive taxes and unlocking land value by putting in place a transparent and accountable mechanism for monetisation of public land — attention to the needs of the poor required greater deliberation. A key challenge in the next stage of JNNURM would be raising internal revenue and strengthening capacity to plan, implement and deliver programmes and services.

“We need to facilitate an integrated and holistic approach towards regional development in the next stage of JNNURM. We should look to create enabling conditions for investment in urban India and livelihood creation in manufacturing and value-added service sectors. We should give special focus to energy-efficient public transport. Much of this has to be at the State government level. In all these areas, we have to show political will and a lot of imagination.”


The Hindu, 14 December, 2011, http://www.thehindu.com/todays-paper/tp-national/article2713016.ece


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