Finance Minister unveils housing initiatives for middle class, rural poor

06 Feb 2024 CW Team

Presenting a vote on account for 2024-25, also known as an interim budget until the new government assumes office after the general elections, Sitharaman emphasised the Modi government's decade-long commitment to inclusive development, providing housing, water, electricity, cooking gas, and bank accounts to every citizen.

"Our government will introduce a scheme to support deserving segments of the middle class 'living in rented houses, slums, or chawls and unauthorised colonies' to purchase or construct their own homes," Sitharaman stated.

Despite the challenges posed by the COVID-19 pandemic, the finance minister highlighted the sustained implementation of the PM Awas Yojana (Grameen), approaching the target of three crore houses. She added that an additional two crore houses would be initiated over the next five years to address the growing demand due to an increase in the number of families.

To realise the 'Housing for All' goal in rural areas, the Ministry of Rural Development has been executing the Pradhan Mantri Awaas Yojana-Gramin (PMAY-G) since April 1, 2016. The overarching objective is to construct 29.5 million pucca houses with basic amenities by March 2024.

The central assistance under PMAY-G is directly allocated to the State/UT as a unit, with subsequent disbursement to beneficiaries at the district/block/grand panchayat level by the respective State Government/UT Administration.

According to an official statement in December, the central share of funds released to the States/UTs for house construction under PMAY-G from the fiscal year 2018-19 to 2022-23 amounted to approximately Rs 1,60,8533.8 million.

In a bid to appeal to the middle class ahead of the upcoming general elections, Finance Minister Nirmala Sitharaman unveiled a housing initiative. The scheme aims to assist individuals residing in rented accommodations, slums, or similar areas to acquire their own homes. Simultaneously, she announced the construction of an additional 20 million houses over the next five years for the rural poor under the ongoing PM Awas Yojana (Grameen). Presenting a vote on account for 2024-25, also known as an interim budget until the new government assumes office after the general elections, Sitharaman emphasised the Modi government's decade-long commitment to inclusive development, providing housing, water, electricity, cooking gas, and bank accounts to every citizen. Our government will introduce a scheme to support deserving segments of the middle class 'living in rented houses, slums, or chawls and unauthorised colonies' to purchase or construct their own homes, Sitharaman stated. Despite the challenges posed by the COVID-19 pandemic, the finance minister highlighted the sustained implementation of the PM Awas Yojana (Grameen), approaching the target of three crore houses. She added that an additional two crore houses would be initiated over the next five years to address the growing demand due to an increase in the number of families. To realise the 'Housing for All' goal in rural areas, the Ministry of Rural Development has been executing the Pradhan Mantri Awaas Yojana-Gramin (PMAY-G) since April 1, 2016. The overarching objective is to construct 29.5 million pucca houses with basic amenities by March 2024. The central assistance under PMAY-G is directly allocated to the State/UT as a unit, with subsequent disbursement to beneficiaries at the district/block/grand panchayat level by the respective State Government/UT Administration. According to an official statement in December, the central share of funds released to the States/UTs for house construction under PMAY-G from the fiscal year 2018-19 to 2022-23 amounted to approximately Rs 1,60,8533.8 million.

Infrastructure Urban

04 May 2026

Jyoti Structures FY26 profit rises 56.5%

Jyoti Structures (JSL) recently reported strong financial results for the quarter and year ended 31 March 2026, driven by disciplined execution, cost management and steady progress across its order book.For Q4 FY2025-26, total income rose 44.2 per cent to Rs 2.41 billion from Rs 1.67 billion in Q4 FY2024-25. EBITDA increased 58.6 per cent to Rs 237 million, while EBITDA margin improved by 89 basis points to 9.84 per cent. Profit before tax grew 53.3 per cent to Rs 188.5 million, and net profit rose 51.9 per cent to Rs 181.4 million.For FY2025-26, total income grew 53.1 per cent to Rs 7.72 bill..

Infrastructure Energy

04 May 2026

Cat BEPU to Power Doppstadt Separator at IFAT 2026

Caterpillar’s Cat Battery Electric Power Unit (BEPU) has been selected by Doppstadt to power its SWS 6 Spiral Shaft Separator, which will be showcased for the first time at IFAT 2026 in Munich, Germany, from 4–7 May.The compact plug-and-play BEPU is designed to replace a diesel engine within the same space, using the same mounting locations and relative machine position. It integrates the battery, motor, inverter, onboard charging, cooling and controls, enabling OEMs to electrify existing chassis platforms without extensive redesign.Caterpillar and Cat dealer Zeppelin Power Systems have be..

Infrastructure Urban

04 May 2026

VECV sales rise 6.9% in April 2026

VE Commercial Vehicles, a joint venture between Volvo Group and Eicher Motors, recorded sales of 7,318 units in April 2026, compared to 6,846 units in April 2025, registering 6.9 per cent growth. The total included 7,159 units under the Eicher brand and 159 units under the Volvo brand.Eicher branded trucks and buses reported sales of 7,159 units during the month, up 6.6 per cent from 6,717 units in April 2025. In the domestic commercial vehicle market, Eicher sales rose 8.6 per cent to 6,797 units from 6,257 units a year earlier.Exports declined 21.3 per cent, with VECV recording 362 units in ..