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Budget 2023-24: PM Awas Yojana Allocation Increased by 66% to Rs 79,000 crore

The finance minister during her Budget 2023-24 speech said that the allocation to Pradhan Mantri Awas Yojana (urban) and the Pradhan Mantri Aawas Yojana (gramin) has been increased by 66%.

Stuti Das
65% increase allocated funds for PMAY, as announced in the Budget of 2023-24
65% increase allocated funds for PMAY, as announced in the Budget of 2023-24

In the budget announced on Wednesday, the government set aside Rs. 25,103 crores for the scheme’s urban sector and Rs. 54,487 crores for its rural, for a total of Rs. 79,590 crores.

Budget records reveal the rise is predominantly in the rural component of the plan, amid Finance Minister Nirmala Sitharaman's announcement of an increase in the Budget outlay for the Pradhan Mantri Aawas Yojana (PMAY), giving over Rs. 79,000 crores for the flagship initiative.

The urban segment of PMAY received 20,000 crores in funding during the previous fiscal year, however the revised estimate for the cost was 28,708 crores. The PMAY-U budgetary allocation for 2023–24 is almost 12% less than the updated projection from the previous year. The updated estimate for the scheme's rural module's costs was 48,422 crore, about twice as much as the initial allotment of 20,000 crore.

When contrasted to the updated assessment from the previous fiscal year, the budget for the scheme's rural sector has increased by almost 12%. Together, the initial allocation for PMAY, rural and urban, in the Budget 2022–23 was Rs. 48,000 crores, bringing the increase promised by the Minister to a total of 66%.

The mid-year review of expenditures known as updated projections, however, increased the overall cost to Rs. 77,130 crores. Additionally, the rise in allocations this time is almost 3% higher than the revised forecast.

The Union Housing and Urban Affairs Ministry informed Rajya Sabha on December 19 of last year that as of December 12, 2022, Rs. 1.20 crore dwellings had been sanctioned by the ministry based on the project proposals submitted by states and union territories, compared to the assessed requirement of Rs. 1.12 crore houses. The Pradhan Mantri Awas Yojana-Urban has been extended to December 31, 2024, in order to finish the houses that have already been authorized.

By 2024, all eligible homeless families living in kutcha and dilapidated dwellings in rural regions would have access to around three crore pucca houses with basic facilities thanks to the PMAY-G, which was introduced in November 2016.

In accordance with the Economic Survey, which was presented to Parliament on Tuesday, Rs. 2.7 crore residences have been approved, with 2.1 crore of them expected to be finished under the programme by 6 January 2023.

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