Indian Economy News

66% hike in Pradhan Mantri Aawas Yojana outlay to US$ 9.68 billion (Rs. 79,000 crores) has been announced

  • IBEF
  • February 2, 2023

The Union Finance Minister, Ms. Nirmala Sitharaman, while presenting the Budget 2023, announced a 66% increase in the Pradhan Mantri Awas Yojana (PMAY) outlay to US$ 9.68 billion (Rs. 79,000 crores).

She said that the states and cities will be encouraged to take up urban planning and the centre will create Urban Infrastructure Development Fund on the lines of the Rural Infrastructure Development Fund, which will be managed by the National Housing Bank.

Further, she added that the Central Government will be spending US$ 1.22 billion (Rs. 10,000 crores) per year on the Urban Infrastructure Development Fund. Also, all the cities and towns will be enabled for 100% transition of sewers and septic tanks from manhole to machine hole mode.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.