This year’s budget touched upon the most critical issue for the revival and growth of the affordable housing segment. PMAY’s budgetary allocation increased by 66%, which is good news for affordable housing. The new allocation of Rs 79,000 crores in the budget 2022-23 will help countless Indians realise their home aspirations. Also, the increased allocation will lead to more housing projects being taken up, in both rural and urban areas. The scheme will provide a much-needed boost to the housing sector and continue to assist those from the EWS and LIG sections of society in owning a home.
Moreover, the Finance Minister announced that infrastructure and investment will be the government’s third priority, and capital expenditures will be increased by 33% to accelerate the country’s development. This increased spending is expected to help create more jobs, spur economic growth, and create a more prosperous nation. Also, in order to convert cities from manholes to machine holes, an urban infrastructure development fund of Rs 10000 crore will be set aside every year for urban development. This fund will help enhance India’s urban living environment besides modernising India’s cities and towns.