Why is it in the news?
- The Finance Minister recently announced a Middle-class housing scheme, aligned with the ‘Housing for all’ policy, to address the housing needs of the middle class.
- The scheme was announced as part of the fiscal year 2024-25 budget.
About the Scheme
- The scheme aims to provide assistance to middle-class individuals residing in various types of accommodations such as rented houses, slums, chawls, and unauthorized colonies.
- Assistance could include financial support, subsidies, or incentives to enable middle-class individuals to purchase or construct their own homes.
- Unlike the Pradhan Mantri Awas Yojana (PMAY), which primarily targets the urban and rural poor, this scheme specifically caters to the middle-income group.
- It is not an extension of PMAY but a standalone initiative under the broader ‘Housing for all’ policy.
- The scheme introduces new criteria for identifying beneficiaries, including income levels, location preferences, and the type of accommodation required.
- By defining specific parameters, the government aims to ensure that assistance reaches those who genuinely need it and belong to the middle-income bracket.
|Pradhan Mantri Awas Yojana (PMAY)
· Launched by the Government of India with the aim of providing affordable housing for all by 2022.
· It is one of the flagship schemes under the ‘Housing for all’ initiative.
· PMAY has two components: Pradhan Mantri Awas Yojana (Urban) (PMAY-U) and Pradhan Mantri Awas Yojana (Gramin) (PMAY-G).
· PMAY-U focuses on providing affordable housing solutions for the urban poor, while PMAY-G targets the rural poor.
· PMAY-U is administered by the Ministry of Housing and Urban Affairs, highlighting its urban focus.
· PMAY-G is administered by the Ministry of Rural Development, emphasizing its rural-centric approach.