Indian Economy News

Union Cabinet approves extension of PMAY-Urban till Dec 31, 2024

  • IBEF
  • August 11, 2022

The Union Cabinet approved the continuation of Pradhan Mantri Awas Yojana (Urban) till December 2024, a statement stated. Launched in June 2015, the original deadline for the scheme - Housing for All' Mission - aimed at providing pucca houses to all eligible urban beneficiaries was March 2022. According to the statement, the Union Cabinet, chaired by Prime Minister Mr. Narendra Modi, decided to extend the implementation period of PMAY-Urban until December 31, 2024 based on the request of states and union territories.

The original forecast for 2017 was 100 lakh houses. According to the statement, 102 lakh houses have been built or are being built in response to this demand. Furthermore, 62 lakh houses have been completed. The proposals for 40 lakh houses were received late (during the last two years of the scheme) from the states/UTs, requiring another two years to complete, the government said in a statement.

It stated that central assistance approved since 2015 is Rs. 2.03 lakh crore (US$ 25.61 billion), compared to Rs. 20,000 crore (US$ 2.52 billion) in 2004-2014, and that central assistance/subsidy of Rs. 118,020.46 crore (US$ 14.89 billion) has already been released up to March 31, 2022, and Rs. 85,406 crore (US$ 10.77 billion) will be released until December 31, 2024.

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