New Delhi [India], July 23 : Finance Minister Nirmala Sitharaman announced an investment of Rs 10 lakh crore under the PM Awas Yojana Urban 2.0 while presenting the Union Budget for the fiscal year 2024-25 in Parliament on Tuesday.
Sitharaman said, "Under the PM Awas Yojna, Urban 2.0, housing needs a 1 crore urban poor and middle class families will be addressed with an investment of Rs 10 lakh crore. This will include the central assistance of Rs 2.2 lakh crore in the next 5 years."
This funding will be directed towards addressing the housing needs of urban poor and middle-class families, ensuring that affordable housing becomes a reality for many.
Sitharaman emphasized the government's commitment to transforming cities into growth hubs through coordinated economic and transit planning.
She said, "Working with states our government will facilitate development of cities as growth hubs. This will be achieved through economic and and transit planning and orderly development of peri-urban areas utilising town planning schemes."
To further streamline urban development, the budget proposes transit-oriented development plans for 14 large cities with populations exceeding 30 lakh.
FM said, "Transit-oriented development plans for 14 large cities with a polulation of above 30 lac will be formulated along with an implementation and financing strategy. A provision of inter-subsidy to facilitate loans at affordable rates is also envisaged."
In addition to home ownership, the government is also focusing on the rental housing market.
Sitharaman said, "Transparent rental housing markets with enhanced availability will also be put in place."
She added, "Resident housing with dormitory-type accommodation for industrial workers will be facilitated in PPP mode with VJF support and commitments from Anker Industries. Shipping industry ownership, leasing, and flagging reforms will be implemented to improve the share of Indian shipping industry and generate more employment."
The budget outlines a collaborative effort with state governments and multilateral development banks to promote urban infrastructure projects.
Sitharaman said, "In partnership with state governments and multilateral development banks we will promote water supply, sewage treatments and solid waste management projects and services for 100 large cities through bankable projects."
Building on the success of the PM Swanidhi scheme, which has transformed the lives of street vendors, the government envisions supporting the development of 100 weekly haats or street food hubs in select cities each year over the next five years.
FM said, "Building of the success of PM Swanidhi scheme in transforming the life of street vendors. Our government envisions to support each year over the next 5 years the development of 100 weekly haats or street food hubs in select cities."
To further support the housing sector, Sitharaman urged states to moderate high stamp duty rates.
Sitharaman said, "We will encourage the states which continue to charge high stamp duty to moderate the rates for all and also consider further lowering duties for properties purchased by women."
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