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

29 May 2026

GP Petroleums Q4 PAT Rises 8%

GP Petroleums reported an 8 per cent rise in PAT to Rs 9.3 crore in Q4FY26, compared to Rs 8.6 crore in Q4FY25. Revenue from operations stood at Rs 163 crore, compared to Rs 183 crore in the corresponding quarter last year.EBITDA for Q4FY26 increased to Rs 14.7 crore from Rs 13.2 crore in Q4FY25, while EBITDA margin improved to 9 per cent from 7 per cent. The company said its performance was supported by operational efficiencies, strong customer relationships and an expanding product portfolio.For FY26, revenue from operations rose 5 per cent to Rs 643 crore, compared to Rs 610 crore in FY25. ..

Infrastructure Urban

29 May 2026

Ramky Infra Order Book Crosses Rs 13,000 Crore

Ramky Infrastructure reported a resilient FY2026 performance, supported by disciplined execution, cost efficiency and fresh order wins. The company secured new orders worth Rs 4,500 crore during Q4, taking its total order book above Rs 13,000 crore as of 31 March 2026.Consolidated PAT grew 40 per cent year-on-year to Rs 283 crore in FY2026, compared to Rs 202 crore in FY2025. Standalone PAT rose 28 per cent to Rs 332 crore, while consolidated revenue from operations stood at Rs 1,846 crore. Standalone revenue from operations was Rs 1,679 crore.During the year, the company secured orders worth ..

Infrastructure Urban

29 May 2026

Tembo Global FY26 Revenue Rises 46.7%

Tembo Global Industries reported strong consolidated results for Q4 and FY26, supported by growth in its engineering solutions business. Revenue from operations rose 46.7 per cent year-on-year to Rs 1,090.2 crore in FY26, while Q4 revenue grew 26.3 per cent to Rs 346 crore.EBITDA for FY26 increased 55.4 per cent to Rs 142.5 crore, with margins expanding to 13.1 per cent. PAT grew 79.7 per cent to Rs 98.2 crore, while PAT margin improved to 9.0 per cent. In Q4 FY26, PAT rose 93.3 per cent year-on-year to Rs 30.1 crore.The company said its engineering segment remained the key growth driver, supp..