The Union Cabinet is likely to approve the allocation of 2 crore additional houses under the Pradhan Mantri Awas Yojana-Gramin (PMAY-G) today in its first meeting. The government is also likely to increase the assistance provide to PMAY-G beneficiaries by around 50 per cent, sources within the government told Business Today.
The Cabinet meeting comes a day after Narendra Modi took oath as the Prime Minister of India for the third time. PM Modi on Sunday took the oath of office in a grand ceremony at the Rashtrapati Bhavan. Along with him, 72 ministers, including 11 from NDA's allies, also took the oath of office.
Affordable housing for all has been one of the key focal points for the Modi government. In February this year, Union Finance Minister Nirmala Sitharaman had said that two crore more houses will be built under the PMAY-G in the next 5 years to accommodate the rising demand.
"Despite the challenges due to COVID-19, implementation of PM Awas Yojana (Grameen) continued and we are close to achieving the target of three crore houses. Two crore more houses will be taken up in the next five years to meet the requirement arising from increase in the number of families," Sitharaman said.
She also mentioned in her Interim Budget speech that a scheme targeting the middle class would be launched soon. She said that under this scheme, people living in rented houses, slums or unauthorised colonies can buy or build their own houses.
In his Independence Day speech last year, PM Modi said poor and middle class who lived in slums, chawls and unauthorised colonies and rented houses would soon be able to avail home loans from banks with a relief in interest rates. He also mentioned that a scheme on the same is in the works.