Finance Minister Nirmala Sitharaman has commenced her seventh consecutive presentation of the Union Budget for 2024-25 today, July 23, during the Budget Session of Parliament. She announced a significant initiative under the PM Awas Yojana-Urban 2.0, which aims to address the housing needs of 1 crore poor and middle-class families. The program will involve a substantial investment of Rs 10 lakh crore, including a central assistance allocation of Rs 2.2 lakh crore over the next five years.
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"Urban Housing: Under the PM Awas Yojana-Urban 2.0, the housing needs of 1 crore poor and middle-class families will be addressed with an investment of Rs 10 lakh crores. This will include the central assistance of Rs 2.2 lakh crores in the next five years," said Nirmala Sitharaman.
The Union Budget is an annual financial statement presented by the central government, detailing its proposed expenditures and revenues for the upcoming fiscal year, from April 1, 2024, to March 31, 2025. The Budget reviews the government's achievements from the past financial year and sets out goals, allocations, and plans for the year ahead, aiming to address policy needs and financial requirements.