Union Budget proposes interest subsidy scheme to boost 'urban housing loans'
Union Budget 2024
Finance Minister Nirmala Sitharaman on Tuesday (July 22) announced an investment of ₹10 lakh crore for urban housing under the PM Awas Yojana-Urban 2.0, for the underprivileged, including the central aid of ₹2.2 lakh crores in the next five years.
Urban Housing
The Finance Minister announced a significant investment of ₹10 lakh crore under PM Awas Yojana-Urban 2.0 scheme. This initiative aims to address the housing requirements of 1 crore poor and middle-class families over the next five years.
To achieve this, the central government will provide ₹2.2 lakh crore in financial assistance to the underprivileged. This marks a renewed focus on making affordable housing accessible to a wider segment of the population.
FM Sitharaman additionally announced an allotment of ₹2.66 lakh crore for rural development, including rural infrastructure.
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The FM also said that three crore additional houses will be constructed under the PM Awas Yojana in rural and urban areas.
While presenting the Union Budget for 2024-25 in the Lok Sabha, FM Sitharaman said, "This year I have made a provision of Rs. 2.66 lakh crore for rural development, including rural infrastructure".
FM allocates Rs 1.48 lakh crore for education, employment, & skilling
The Union Budget for the fiscal year 2024-25 will provide Rs 1.48 lakh crore for education, employment, and skilling in India.
Finance Minister Nirmala Sitharaman said that 20 lakh youth would be skilled over a five-year period, adding, that 1,000 Industrial Training Institutes (ITIs) will be upgraded in hub and spoke arrangements in five years.
Employment of youth over next 5 years
FM Sitharaman proposed the creation of employment for about 4.1 crore youth over the next five years for which shemade an allocation of Rs 2 lakh crore.
Government would launch internship opportunities in 500 companies for 1 crore youth over the next five years. Interns would get exposure to real-life environments and an allowance of Rs 5,000 per month, the FM announced.
(With inputs from agencies)