Big Update! Rs 70,000 Crore Boost to Housing Sector, Affordable Rental Housing Scheme Under PMAY

Nirmala Sitharaman on 14 May 2020 has rolled out the second tranche of Rs 20 lakh crore economic stimulus package. The package was aimed to help thousands of migrant labourers who were the worst hit by Covid-19.

PMAY Scheme: Affordable Rental Houses to Migrant Workers & Urban Poor

One of the difficulties which the migrant labourers and urban poor faced was to get rent at affordable price. The Central government will soon give affordable rental houses to migrant workers and urban poor under Pradhan Mantri Awas Yojana.

Finance Minister said, “The Centre will be converting the government funded housing in cities into affordable rental housing complexes under PPP model. The central government will incentivize manufacturing units, industries & institutions to develop affordable housing complexes on their private lands.”

Housing Complexes to be developed: Nirmala Sitharaman

Nirmala Sitharaman added, “The central government agencies & state government organisations will be encouraged for developing housing complexes. The details of the scheme will soon be released. She also rolled out Rs 70,000 crore boost to the housing sector through 1 year extension of subsidised loan for affordable houses for the middle-income group with an annual income of Rs 6 lakh - Rs 18 lakh.

Free food grains for 8 crore migrant workers for next two months at a cost of Rs 3,500 crore was also announced by the minister. Migrant workers who do not have either central or state PDS card, will get 5 kg of grains per person and 1 kilogram of 'chana' for two months, she mentioned.

Portable PDS ration cards for migrant workers: Nirmala Sitharaman

Sitharaman said, “PDS ration cards will soon become portable for allowing migrant workers to use their ration cards across states. This drive will benefit 67 crore beneficiaries or 83 percent of PDS beneficiaries, in 23 states by August.”

The minister announced, Rs 6000 crore employment push, using Compensatory Afforestation Management & Planning Authority (CAMPA) funds.

PM Narendra Modi has recently announced Rs 20 lakh crore stimulus package which aimed to make the country self-reliant and reviving stalled economy. It will focus on land, labour, liquidity & laws. It will cater to different sectors which include cottage industries, micro, small & medium enterprises (MSME), the working class, the middle class and others.