*Budget 2025 Live Updates: Urban Challenge Fund to drive the transformation of cities* Budget 2025 Live Updates: The Finance Minister announced the establishment of a ₹1 lakh crore Urban Challenge Fund to drive the transformation of cities into growth hubs, support creative redevelopment, and enhance water and sanitation infrastructure, as outlined in the July Budget. This fund will finance up to 25% of the cost of bankable projects, with a requirement that at least 50% of the funding comes from bonds, bank loans, or public-private partnerships (PPPs). An initial allocation of ₹10,000 crore has been proposed for the fiscal year 2025-26 to kickstart the initiative.