PM Awas Yojana Outlay Increased By 66% To Rs 79,000 Crore

Finance Minister Nirmala Sitharaman today enhanced the outlay for Prime Minister Awas Yojana (PMAY) by 66 per cent to over Rs 79,000 crores.

Ms Sitharaman made the announcement while presenting Union Budget 2023-2024 in Parliament.

Last year, the Finance Minister had proposed an allocation of Rs 48,000 crore for the “housing for all” initiative of the government.

Ms Sitharaman also said that the government will create an Urban Infrastructure Development Fund on the lines of the Rural Infrastructure Development Fund and it will be managed by the National Housing Bank.

“The central government will spend Rs 10,000 crore per year for urban infrastructure development funds,” she said.

Pradhan Mantri Awas Yojana – Urban (PMAY-U), a flagship Mission of Government of India launched in 2015, is being implemented by Ministry of Housing and Urban Affairs (MoHUA), aims to provide housing for all – including the slum dwellers. 
    
This was Ms Sitharaman’s fifth budget presentation since she took the charge of the Finance Ministry in 2019.

On Tuesday, Ms Sitharaman tabled the Economic Survey for the Financial Year 2022-23 in the Lok Sabha, stating that the economic recovery of India from the COVID-19 pandemic is complete and the economy is expected to grow in the range of 6 to 6.8 per cent in the coming financial year.

This is in comparison to the estimated 7 per cent this fiscal and 8.7 per cent in 2021-22.