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Prime Minister Narendra Modi Announced a New Scheme

Published on August 16, 2023
Current Context: Prime Minister Narendra Modi announced a new scheme to help the urban poor build houses in cities on August 15, 2023, during his Independence Day speech.
Prime Minister Narendra Modi Announced a New Scheme
  • He said that the government would provide relief in interest rates and loans from banks to those who want to construct their own houses. He also said that the government was spending Rs 400,000 crore to build houses for the poor.
  • This scheme is different from the existing Pradhan Mantri Awas Yojana - Urban (PMAY-U), which was launched in 2015 and aims to provide pucca houses with basic amenities to all eligible urban beneficiaries by 2022.
  • The PMAY-U has four verticals: beneficiary-led construction, affordable housing in partnership, in-situ slum redevelopment, and credit-linked subsidy scheme. According to the government, 75.51 lakh houses have been completed and 71.39 lakh have been occupied under the PMAY-U till now.
  • The new scheme announced by Modi is expected to benefit those families that live in rented houses, slums, chawls, and unauthorised colonies in cities.

Question:

Q.1 What is the benefit that the government would provide to those who want to construct their own houses under the new scheme announced by Modi?
a. Cash transfer and insurance cover
b. Subsidy in land prices and taxes
c. Free electricity and water supply
d. Relief in interest rates and loans from banks

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