Pradhan Mantri Awas Yojana (PMAY) Rural
Everyone dreams of owning their own house, to make this dream of the people a reality, the government is running Pradhan Mantri Awas Yojana (PMAY) Gramin. Through this, around 26 crore i.e. 2.6 million houses have been constructed so far and it is likely to gain further momentum in the coming years. A big announcement in this regard is expected in the general budget to be released for 2024-25. According to sources, Rs 4.5 trillion may be released in the Union Budget to construct 23.5 million houses in rural areas in the next five years.
In a Mint report, it is stated that this amount released by the government will be for construction of additional 2 crore houses under PMAY Gramin. Along with this, the work on the remaining 3.5 crore houses from the previous phase will also be completed. The report quoted an official as saying that this plan to construct 2 crore additional houses in villages in the next five years will be different from the decision taken in the Cabinet on June 10, in which 3 crore houses will be constructed for urban and rural areas. The matter was stated.
What is the government’s plan?
The report quoted the official as saying that if the plan to construct 2 crore additional houses in rural areas gets the approval of the Union Cabinet, then its total cost could be Rs 4.3-4.5 trillion. In this, the central government’s share will be Rs 2.8-2.9 trillion and that of the state governments will be Rs 1.5-1.6 trillion. This cost will also include completion of the remaining 3.5 crore houses from the previous phase of construction. However, the calculation of the entire budget will depend on the cost of construction material and inflation. The government is aiming to construct 4 crore houses by the end of FY24, 8 crore by FY26 and 8 crore by FY29.
The budget can increase
PMAY-G was launched on April 1, 2016 with an aim to provide housing for all in rural areas. Initially, the cost-sharing ratio between the central and state governments for houses in the plains was 60:40. While in the case of houses in the North East and hill states this ratio was 90:10. In the plains, each family gets Rs 120,000 as financial assistance, while in hilly areas this amount was fixed at Rs 130,000. However, over time the government may increase its budget due to rising costs of construction materials and labour. According to sources, it may be increased to Rs 180,000 and Rs 200,000 respectively.
