Expect a Significant Boost to Affordable Housing in 2024: Modi Government’s Interim Budget Plans Unveiled

The new budget is going to be presented exactly two weeks from today. Preparations for the budget have already started and work is going on in full swing on various measures and reliefs etc. Only when Finance Minister Nirmala Sitharaman presents the budget on February 1 will it become clear which sector got what, but before that the market of speculations is hot. Everyone has expectations from the budget. The affordable housing sector also has high expectations from the budget.

Budget session will start from January 31

First of all, let us tell you that this budget is going to be the last budget of the second term of the Modi government. Another budget is going to come from Finance Minister Nirmala Sitharaman. This will be his sixth consecutive budget as Finance Minister. Since this budget is coming before the elections, it will not be a full budget but an interim budget. The budget session of Parliament will start from January 31 and the economic review will be presented before the budget.

Modi government’s focus has been constant

It is expected in the news that the upcoming budget can prove to be excellent for the affordable housing segment. A report by news agency Reuters has claimed that the Modi government can give a billion dollar boost to the affordable housing sector in this budget. The affordable housing sector has continuously been in the focus of the Modi government.

12 billion dollars expected in the budget

In the report, quoting government sources, it has been said that in this budget, the government can make 15 percent more provisions for the affordable housing sector as compared to the previous budget and the allocation can increase to 12 billion dollars.

There is shortage of so many houses in India

Modi government had started the ambitious scheme ‘Housing for All’ in its first term itself. The aim of this scheme is to provide a house to everyone in the country. According to government estimates, there is a shortage of more than 2 crore houses in rural India, while there is a shortage of more than 15 lakh houses in urban areas. There is a possibility of this figure doubling by the year 2030.

This scheme may get expansion

Earlier, the government had told in Parliament last month that during the last five years, the central government and state governments have spent billions of dollars on affordable housing. According to government figures, governments have spent a total of $29 billion in the last 5 years to provide housing for all. This government scheme is going to end in December 2024, but in the Reuters report, quoting another government source, it has been said that the government can extend the scheme for 3 to 5 years considering the distance from the target.