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Finance Minister of India, Nirmala Sitharaman, in her Union Budget 2023 speech, announced that the Pradhan Mantri Awas Yojana 2023 is being allocated funds worth INR79,000 crores. This 66% hike from the last year’s allocation of INR 48,000 crores is perceived as the Indian Government’s commitment to ensure the building of more affordable houses, thus boosting the urban housing market.
Pradhan Mantri Awas Yojana – Urban (PMAY-U), launched in 2015, is an initiative by the Government of India and is being implemented by the Ministry of Housing and Urban Affairs (MoHUA), which ensures urban poor have access to affordable houses. The target of PMAY 2023 has exponentially increased from 2022 to building two crore affordable houses. Let us look closely at how the government plans to spread smiles by providing shelter to the urban poor.
Budget 2023 were a speech full of surprises. Here, we deconstruct the big announcement and highlight some noteworthy moments regarding Pradhan Mantri Awas Yojana 2023. The budget for the Prime Minister Awas Yojana (PMAY) has been increased by 66% to over INR 79,000 crores. The Finance Minister of India revealed the government’s intentions to increase capital expenditure outlay by 33% to INR 10 lakh crore in 2023-24, representing 3.3% of GDP, according to Nirmala Sitharaman, the Union Finance Minister.
This total outlay would be 3.3% of GDP, nearly three times the amount spent in 2019-20. It is critical to the government’s efforts to boost growth potential and job creation, attract private investment, and provide a buffer against global headwinds, as evidenced by the significant increase. The government will establish an Urban Infrastructure Development Fund to be managed by the National Housing Bank, similar to the Rural Infrastructure Development Fund. The Central Government will invest 10,000 crores in urban infrastructure development funds annually.
It was revealed that States and Union Territories (UTs) had been assigned a target of 2.92 crore houses out of the overall target of 2.95 crore houses. A ballpark figure of 2.10 crore houses has been completed as of December 07, 2022. In the fiscal year 2023-24, India’s GDP is expected to grow by 6% to 6.8%. This compares to an estimated 7% this fiscal year and 8.7% in 2021-22.
The government allocated PMAY a total of INR 48,000 crore funds in Budget 2022-23. These funds would help build more than 80 lakh houses in urban and rural areas. This would also push the demand for construction materials and achieve the ‘Housing for All’ objectives.
This year, in her speech, the Finance Minister of India announced funds of INR79,000 crores being allocated to the Pradhan Mantri Awas Yojana 2023 scheme. This would result in a more inclusive society and is expected to boost the demand for industries linked to the real estate market.
In the prior years, INR 27,500 crores were allocated to the scheme with a much smaller vision. However, the government’s expansive vision has always been appreciated, and steps have been taken to implement the initiative by the Ministry of Housing and Urban Affairs.
To be eligible for the Pradhan Mantri Awas Yojana 2023 scheme, the different eligibility criteria for each category- EWG, LIG, MIG-I, and MIG-II have to be met. One must keep their aadhaar card up to date.
The PMAY CLSS enabled qualified borrowers to obtain a home loan at a lower interest rate from banks and housing finance companies, thereby achieving the goal of “Housing for All.” Individuals in MIG-I with an annual income between INR 6 lakh and INR 12 lakh were eligible for a 4% interest subsidy on loans up to INR 9 lakh under PMAY-U. People earning between INR 12 lakh and INR 18 lakhs are classified as MIG-II and are eligible for a 3% interest subsidy on loans up to INR 9 lakhs. The following table might assist you better.
|MIG-I||INR 6 – 12 lakhs|
|MIG-II||INR 12 – 18 lakhs|
|Pradhan Mantri Awas Yojana 2023-24|
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