Sitharaman’s big announcement; Allocation for PM Awas Yojana raised by 66 percent

1 February, 2023 | Pragati Singh

awas yojna National

Budget for the Prime Minister Awas Yojana (PMAY) has been increased by 66% to over Rs 79,000 crores.

The budget for the Prime Minister Awas Yojana (PMAY) has been increased by 66% to over Rs 79,000 crores, stated Finance Minister Nirmala Sitharaman on Wednesday while presenting the Union Budget 2023-24 in Parliament.

This is a huge increase, given that Sitharaman recommended an allocation of Rs 48,000 crore for the government’s Housing for All initiative in the Budget 2022-23. This year’s budget is notable since it is the last complete budget of Modi’s second term, with general elections set for next year.

Last year, the government announced that 80 lakh residences would be built for PMAY qualified rural and urban recipients. On Wednesday, Union Finance Minister Nirmala Sitharaman presented the Union Budget 2023-24 in Parliament.

The Finance Minister declared that the government intends to increase capital investment outlay by 33% to Rs 10 lakh crore in 2023-24, or 3.3% of GDP, according to Union Finance Minister Nirmala Sitharaman.

“(This overall outlay) would be 3.3 per cent of GDP, almost three times the outlay made in 2019-20. With the substantial increase, it is central to the government’s efforts to enhance growth potential and job creation, the crowd in private investments and provides a cushion against global headwinds,” Sitharaman said in her Budget speech.

The government has suggested raising the credit target for the agriculture sector, which is regarded to be the backbone of the Indian economy, to Rs 20 lakh crore, with a concentration on animal husbandry, dairy, and fisheries. Sitharaman told Parliament that the country’s agriculture sector has grown at a 4.6 percent yearly rate during the last six years.

She also stated that the government will develop a sub-scheme of the existing PM Matsya plan to increase value chain efficiencies.

The Pradhan Mantri Awas Yojana – Urban (PMAY-U) is a flagship Mission of the Government of India that was established in 2015 and is being executed by the Ministry of Homes and Urban Affairs (MoHUA). It aims to provide housing for all, including slum residents.

According to official data, out of the overall target of 2.95 crore houses, 2.92 crore houses were allotted to States/Union Territories UTs), of which 2.49 crore houses were sanctioned to beneficiaries by various States/UTs and 2.10 crore houses were finished as of December 07, 2022.

The Economic Survey, which was tabled in Parliament on Tuesday, stated that India’s GDP is likely to increase at a rate of 6 to 6.8 percent in the fiscal year 2023-24. This compares to a projected 7.7 percent this fiscal year and 8.7 percent in 2021-22.