India Budget 2024: Govt to launch housing scheme for middle class

During the presentation of the India interim budget 2024, Finance Minister Nirmala Sitharaman announced government plans to bring a housing scheme aimed at addressing theneeds of the middle class in the country.

Emphasising the Prime Minister Narendra Modi-led government's commitment to development, the finance minister stated, "Our government will launch a scheme to help deserving sections of the middle class living in rented houses, or slums, or chawls, and unauthorised colonies to buy or build their own houses."

The scheme is expected to provide support to those who have long faced challenges in acquiring suitable housing, promoting homeownership, and improving living conditions. FM Sitharaman also highlighted the role of urbanisation in shaping the future of India, stating, "We have a fast-expanding middle class, and rapid urbanisation is taking place. Metro and NaMo Bharat can be the catalyst for the required urban transformation."

The finance minister spoke of the expansion of Metro systems in large cities, focusing on "transit-oriented development", as a key element of this urban transformation.

Notably, PM Modi has introduced a new mode of transportation in India with the inauguration of the priority section of the Delhi-Ghaziabad-Meerut RRTS, also known as NaMo Bharat. The complete 82-km Delhi-Ghaziabad-Meerut corridor is expected to be functional by 2025.

The finance minister also touched upon India's global standing, acknowledging the success of hosting the G20 in 60 places, which she said showcased the nation's diversity to a global audience. "Our economic strength has made the country an attractive destination for business and conference tourism," she said.

While recognising the aspirations of the middle class, Sitharaman said, "Our middle class also now aspires to travel and explore. Tourism, including spiritual tourism, has tremendous opportunities for local entrepreneurship. States will be encouraged to take up comprehensive development of iconic tourist centres, branding and marketing them at the global level."

(With inputs from agencies)