GDP Growth
India’s economic trajectory, as outlined by Finance Minister Nirmala Sitharaman, paints a picture of resilience and potential amidst global uncertainties.
Finance minister Nirmala Sitharaman on Thursday announced the extension of the credit linked subsidy scheme (CLSS) till March 2021, a scheme which was aimed to help people from economically weaker sections.
Sitharaman was addressing a news conference to lay out the details of the second tranche of government’s 20 lakh crore stimulus package, announced by the Prime Minister Narendra Modi on Tuesday.
The CLSS, launched in 2017 as part of the Pradhan Mantri Awas Yojana (PMAY), expired in March 2020 and is target at lowest strata middle income group who gets an income of Rs 6-18 lakh annually.
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The scheme has already benefitted 3.3 lakh middle class families, the minister said as she announced a Rs 70,000-crore boost to the housing sector.
As per the government’s expectations, another 2.5 lakh families would be benefited by the scheme in the current year ending on March 2021.
The extension of this scheme will spur job creation and demand for steel, cement, transport and other construction-related materials, which will eventually contribute to the economy, the minister said.
A CNBC report quoted Anuj Puri, Chairman of ANAROCK Property Consultants as saying, “Ever since its implementation in 2017, the CLSS scheme has already benefitted over 3.3 lakh families and the extension will further aid many more families to avail housing under this scheme.”
Sitharaman also announced that the Central government will launch a scheme under the Pradhan Mantri Awas Yojana for migrant labour and the urban poor to build affordable rental housing facilities for them.
Under the scheme, government-funded housing in different cities will be converted into affordable rental housing complexes under the public-private partnership model, the minister said.
Further, the government will also incentivise manufacturing units, industries, institutions, associations to develop affordable rental housing complexes on their private land and operate them.
The government will issue detailed guidelines to give effect to the decision, Sitharaman said.
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