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

15 Sep 2025

Adani Road to Acquire D P Jain TOT Toll Roads for Rs 13.42B

Adani Road Transport Limited (ARTL), a wholly owned subsidiary of Adani Enterprises, has executed a Share Purchase Agreement (SPA) on 11 September 2025 to acquire a 100 per cent stake in D P Jain TOT Toll Roads Private Limited (DPJTOT). The acquisition, valued at an enterprise value not exceeding Rs 13.42 billion, is subject to regulatory approvals and customary conditions.Under the agreement, ARTL will acquire the stake from D P Jain TOT Toll Roads Pvt. Ltd (DPJTOT), D P Jain & Co Infrastructure Pvt. Ltd., and DPJ-DRA Tollways Pvt. Ltd.The transaction details have been disclosed pursuant ..

Infrastructure Urban

15 Sep 2025

All-Women Team Commissions 100-Tonne Dump Truck at Tata Steel

In a record-setting development in India’s mining and construction equipment sector, an all-women team from Larsen & Toubro’s Construction & Mining Machinery business (L&T CMB) has commissioned a 100-tonne dump truck at Tata Steel’s Noamundi iron ore mine in Jharkhand.This marks the first instance in India where a machine of such scale and complexity has been assembled, tested and commissioned entirely by women technicians. The milestone reflects L&T’s commitment to fostering gender inclusivity and empowering women in traditionally male-dominated industries.The Komatsu ..

Infrastructure Transport

15 Sep 2025

Kochi Metro Pauses Work for Rs 50 Million Pipeline Shift

Kochi Metro Rail Limited (KMRL) will pause its piling works in the Padamugal and Vazhakkala regions for ten days to allow the Kerala Water Authority (KWA) to complete its pipeline relocation work.The decision follows frequent pipe bursts in the area and disruptions to water supply in Thrikkakara municipality.During this period, the KWA will carry out pipeline relocation from Kunnumpuram to Kumaranasan Road. KMRL will resume piling work only after the pipeline has been relocated and tested.The decision was made during a meeting between KMRL and KWA to address the recurring pipe burst issues in ..