National Desk, 1st February: Finance Minister Nirmala Sitharaman, in the interim Union Budget for 2024-25, announced a comprehensive housing scheme targeting residents of slums, unauthorized colonies, and rented homes. The initiative aims to facilitate the purchase or construction of houses for individuals in these categories, aligning with the overarching ‘Housing for All’ mission.
This strategic move supplements existing schemes like Pradhan Mantri Awas Yojana-Urban and Pradhan Mantri Awas Yojana-Rural. Sitharaman highlighted the significant progress under the PMAY-Rural scheme, with 30 million houses already constructed and plans for an additional 20 million houses in the next five years to accommodate the rising number of families.
In the Union Budget 2023, the allocation for the Pradhan Mantri Awas Yojana scheme was increased by 66%, reaching Rs 79,000 crore for FY24. Of this, Rs 25,103 crore is allocated to PMAY-Urban, aiming to accelerate the ‘Housing for All’ mission, while the remaining funds are dedicated to the PMAY-Rural scheme. This financial boost underscores the government’s commitment to providing affordable housing solutions and addressing the housing needs of diverse populations across the country.
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