The Central Government continues to manifest its commitment to the economically vulnerable sections of society through the Pradhan Mantri Awas Yojana (PMAY). Catering primarily to the EWS, LIG, and MIG groups, the scheme is a commendable endeavour towards creating inclusive housing opportunities.
Massive Success: The Past Successes of PMAY
The significant impact of PMAY is evident from the number of solid homes created under this scheme. Until now, 58 lakh urban houses have been built under PMAY-Urban, and a staggering 2.52 crore houses have been erected in rural areas through PMAY-Rural. These substantial figures highlight the successful stride of the scheme towards its goal.
Extended Timeline: A New Lease of Life for PMAY
In a crucial move, the government has extended the timeline of PMAY-Urban benefits till September 30, 2022, which were originally set to expire on March 31, 2022. This extension ensures eligible urban families can continue to benefit from this initiative. Similarly, the validity of PMAY-Rural has also been extended till March 2024, with an increased goal of constructing 2.95 crore houses.
Budget Increase: PMAY Gets a Major Financial Boost
For the financial year 2023-24, the Finance Minister, Nirmala Sitharaman, has announced an increase in the budget allocation for PMAY. With a significant 66% hike in the funds, the budget for this initiative now stands at an impressive Rs 79,000 crores. This increase is anticipated to bolster the government’s efforts to provide affordable housing to the country’s poor.
In conclusion, the Pradhan Mantri Awas Yojana 2023, with its increased budget and extended timeline, is set to profoundly impact the housing landscape of India. The efforts to provide safe and secure housing to the country’s economically vulnerable population marks a significant stride towards Prime Minister Modi’s vision of ‘Housing for All’. This initiative undoubtedly promises a brighter and more secure future for countless Indian citizens.
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