Middle Class Can Buy or Build Their Own Houses: Nirmala Sitharaman

Aiming to appeal to the middle class in advance of the general elections, Finance Minister Nirmala Sitharaman unveiled a plan on Thursday that would assist people, who are homeless or living in rented housing in purchasing a home.

New Delhi: To woo the middle class ahead of the forthcoming general elections, Finance Minister Nirmala Sitharaman on Thursday said that her government will launch a scheme to help those living in rented accommodations or slums to acquire a house. “Our government will launch a scheme to help deserving sections of the middle class “living in rented houses, or slums, or chawls and unauthorised colonies” to buy or build their own houses,” Sitharaman said while presenting the government’s interim budget.

She also announced building two crore more houses for the rural poor in the next five years under the continuing PM Awas Yojana (Grameen). Making a sharp increase in the budgetary allocation in the urban development sector for 2024-25 up to Rs 7,7524 crore, Sitharaman said that allocation for PM Awas Yojana (PMAY) has been increased up to Rs 80,671 crore in 2024-25 BE from Rs 79,590 crore in 2023-24 BE.

Presenting a vote on account for 2024-25, she called the Interim Budget for the period till the new government comes into office after general elections, Sitharaman said despite the challenges due to COVID, implementation of PM Awas Yojana (Grameen) continued and we are close to achieving the target of three crore houses.

"Two crore more houses will be taken up in the next five years to meet the requirement arising from an increase in the number of families," she said. Notably, the revised estimate for the urban sector in 2023-24 was Rs 69,271 crore. The Housing and Urban Development Ministry had earlier received a budget estimate of Rs 76,432 crore in 2023-24.

Speaking to ETV Bharat on the interim budget, Urban Affairs expert KK Pandey said that the budget emphasises the government's intention for inclusive growth in the urban sector. "The announcement made by the Union Finance Minister only replicates the government's long-term coal to consolidate the urban sector," he said. Pandey further said that the central government with such budget announcements also emphasises its vision for 2047.

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