The Union Cabinet on Monday, June 10, gave its nod for the construction of an additional 3 crore houses, covering both rural and urban areas, as CNBC-TV18 had earlier reported. Sources had earlier indicated that the additional 2 crore houses would be exclusively for the Pradhan Mantri Awas Yojana (Gramin). However, the government's official statement following its first cabinet meeting indicates that the construction targets cover 3 crore houses for both urban and rural areas.
While the exact breakdown of these houses remains undisclosed, Finance Minister Nirmala Sitharaman had previously emphasised in her interim budget that over the next five years, an additional 2 crore rural houses will have to be constructed.
From the budgetary perspective, there appears to be no immediate constraint. However, it will require additional funds as the number of eligible families under both urban and rural schemes has increased. The funds are expected to be allocated by the central government.
A centrally sponsored scheme, the Pradhan Mantri Awas Yojana has a spending ratio of 60:40 between the states and the centre. The ratio for the states in the north-eastern and hill regions is 90:10. In this year's budget, approximately ₹45,000 crore has been allocated for rural housing and around ₹20,000 crore for urban housing.
Later in the evening, PM Modi posted on X saying that the decision of 3 crore additional rural and urban houses under Pradhan Mantri Awas Yojana underscores the government's commitment to addressing the housing needs of our nation and ensuring that every citizen leads a better quality of life.
"A boost for ‘Ease of Living’ and dignity for crores of Indians!
The Cabinet has decided to further expand the Pradhan Mantri Awas Yojana and construct 3 crore additional rural and urban houses. This decision underscores the government's commitment to addressing the housing needs of our nation and ensuring that every citizen leads a better quality of life. The expansion of PMAY also highlights our government's commitment to inclusive growth and social welfare."
While the exact breakdown of these houses remains undisclosed, Finance Minister Nirmala Sitharaman had previously emphasised in her interim budget that over the next five years, an additional 2 crore rural houses will have to be constructed.
From the budgetary perspective, there appears to be no immediate constraint. However, it will require additional funds as the number of eligible families under both urban and rural schemes has increased. The funds are expected to be allocated by the central government.
A centrally sponsored scheme, the Pradhan Mantri Awas Yojana has a spending ratio of 60:40 between the states and the centre. The ratio for the states in the north-eastern and hill regions is 90:10. In this year's budget, approximately ₹45,000 crore has been allocated for rural housing and around ₹20,000 crore for urban housing.
Later in the evening, PM Modi posted on X saying that the decision of 3 crore additional rural and urban houses under Pradhan Mantri Awas Yojana underscores the government's commitment to addressing the housing needs of our nation and ensuring that every citizen leads a better quality of life.
"A boost for ‘Ease of Living’ and dignity for crores of Indians!
The Cabinet has decided to further expand the Pradhan Mantri Awas Yojana and construct 3 crore additional rural and urban houses. This decision underscores the government's commitment to addressing the housing needs of our nation and ensuring that every citizen leads a better quality of life. The expansion of PMAY also highlights our government's commitment to inclusive growth and social welfare."
(Edited by : Swapnil Deshpande)
First Published: Jun 10, 2024 10:15 PM IST
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