The Union Cabinet has approved Pradhan Mantri Awas Yojana-Urban (PMAY-U) 2.0 scheme

Current Context: The Union Cabinet approved the Pradhan Mantri Awas Yojana-Urban (PMAY-U) 2.0 scheme on August 9, 2024.

• This scheme aims to provide financial assistance for the construction, purchase, or rental of houses for one crore urban poor and middle-class families over the next five years.
• Key highlights of PMAY-U 2.0 include:
• Investment: ₹10 lakh crore.
• Government Subsidy: ₹2.30 lakh crore.
• Eligibility: Families belonging to Economically Weaker Section (EWS), Low Income Group (LIG), and Middle Income Group (MIG) segments with no pucca house anywhere in the country.
• Coverage: All statutory towns as per Census 2011 and towns notified subsequently.
• This initiative is part of the government’s ongoing efforts to address urban housing shortages and improve the quality of life for citizens.

Question:

1 How much government subsidy is allocated under the Pradhan Mantri Awas Yojana-Urban (PMAY-U) 2.0 scheme?

• A) 1.50 lakh crore
• B) 2.30 lakh crore
• C) 3.00 lakh crore
• D) 4.00 lakh crore

Answer: B) The government has allocated a subsidy of ₹2.30 lakh crore to support the construction, purchase, or rental of houses under the Pradhan Mantri Awas Yojana-Urban (PMAY-U) 2.0 scheme.