- Finance Minister Nirmala Sitharaman presented the Union Budget for 2023-24 in Parliament on 1 February.
- The government has increased the outlay of Pradhan Mantri Awas Yojana by 66 percent to more than Rs 79 thousand crore.
- This is a significant increase considering that Sitharaman had proposed an allocation of Rs 48,000 crore for the housing for all initiative of the government in Budget 2022-23.
- The allocation made to PMAY-U under the budget for 2023-24 is about 12% less than last year’s revised estimate.
- The government has earmarked Rs 25,103 crore for the urban component of the scheme, while Rs 54,487 has been allocated for the rural component, taking the total to Rs 79,590 crore.
What is Pradhan Mantri Awas Yojana?
Pradhan Mantri Awas Yojana – Urban (PMAY-U), a flagship Mission of Government of India being implemented by Ministry of Housing and Urban Affairs (MoHUA), was launched on 25th June 2015. The Mission addresses urban housing shortage among the EWS/LIG and MIG categories including the slum dwellers by ensuring a pucca house to all eligible urban households by the year 2022.