Latest Budget Announces One Crore Houses For Urban Poor

Presenting her 7th consecutive budget in Parliament, Finance Minister announced that Indian government is prepare to allocate 2.2 lakh crore for urban housing with 10 lakh crore interest subsidy in flagship scheme of Pradhan Mantri Awas Yojana.

This will strengthen the government’s initiative to provide affordable housing.

“Housing needs of one crore urban poor and middle-class families to be addressed with an investment of Rs 10 lakh crore, including the Central assistance of Rs 2.2 lakh crore over the next five years,” FM Sitharaman said in her Budget Speech in Parliament.

She also brought up the first Cabinet decision of the Modi 3.0 term, stating that PMAY will enable the construction of three crore more dwellings, of which two crore will be in rural regions (Grameen).

Also Read: Chidambaram Claims Budget Copies Congress Manifesto Ideas

One of the most ambitious programs of the Modi administration is the Pradhan Mantri Awas Yojana (PMAY).

In the most recent budget announcement, the Pradhan Mantri Awas Yojana-Urban (PMAY-U) was significantly expanded in terms of allocation.

The Finance Minister had suggested that two crore more dwellings be taken up in the following five years in the Interim Budget 2024. The government stated that they were almost attained the goal of three crore residences under this initiative.

The allocation for PMAY was enhanced by 66 percent to 79,000 crore.