Budget 2024: Nirmala Sitharaman announces ₹10 lakh crore interest subsidy scheme for urban housing; details here

Budget 2024: Finance Minister Nirmala Sitharaman on Tuesday announced an investment of ₹10 lakh crore for urban housing for the poor and the middle class under the PM Awas Yojana-Urban 2.0, including the central assistance of ₹2.2 lakh crore in the next five years. 

“Under the PM Awas Yojana-Urban 2.0, the housing needs of 1 crore poor and middle-class families will be addressed with an investment of ₹10 lakh crores. This will include the central assistance of ₹2.2 lakh crores in the next five years,” said Finance Minister Nirmala Sitharaman while presenting the Union Budget 2024 in Parliament.

Additionally, FM Sitharaman has announced an allocation of ₹2.66 lakh crore for rural development, including rural infrastructure. She also said that three crore additional houses will be constructed under the PM Awas Yojana in rural and urban areas.

Presenting the Budget for 2024-25 in the Lok Sabha, the finance minister said, “This year I have made a provision of Rs. 2.66 lakh crore for rural development, including rural infrastructure.”

FM Nirmala Sitharaman tables Union Budget

Presenting her seventh straight budget, Sitharaman proposes several women-oriented schemes. More than ₹3 lakh crore is allocated for schemes benefitting women and girls.

"For promoting women-led development, the Budget carries an allocation of more than ₹3 lakh crore for schemes benefitting women and girls," she said while adding that the government will begin setting up women's hostels to encourage female participation in the workforce.

PM Gram Sadak Yojana Phase 4

To bolster connectivity in India's rural areas, FM Sitharaman announced investment in Bihar for road construction and development under PM Gram Sadak Yojana Phase 4.

“PM Gram Sadak Yojana Phase 4 will be launched to provide all-weather roads to 25,000 rural habitats. Bihar has frequently suffered from floods. Plans to build flood control structures in Nepal are yet to progress. Our government will provide financial support with an estimated cost of ₹11,500 crore,” ANI quoted FM Nirmala Sitharaman as saying.

Flood assistance to Assam and Himachal Pradesh

FM Sitharaman also announced assistance to Assam, Himachal Pradesh, and Uttarakhand for flood management and projects related to landslides and other natural disasters.

“Assam, which grapples with floods every year, will receive assistance for flood management and related projects. Himachal Pradesh, having suffered extensive losses due to floods, will also receive support for reconstruction through multilateral assistance. Additionally, Uttarakhand, which faced significant damage from landslides and cloudbursts, will be provided with necessary assistance,” the finance minister said.