Finance Minister Nirmala Sitharaman on Tuesday presented the first under the Modi Govt 3.0 and her seventh union budget, laying out the vision for India's economic growth and objective to become the top three economies in the world. The Union Minister envisaged a path for economic progress into nine categories including productivity, jobs, social justice, urban development, energy security, infrastructure, innovation and reforms. Let's take a look at what the Union Budget 2024 proposes for Infrastructure, Real Estate and Housing.
Infrastructure
- The government will facilitate the development of investment-ready "plug and play" industrial parks with complete infrastructure in or near 100 cities.
- The government will also facilitate the implementation of the Digital Public Infrastructure (DPI) in agriculture for coverage of farmers and their lands in 3 years.
- Power projects, including the setting up of a new 2400 MW power plant at Pirpainti, will be taken up at a cost of Rs 21,400 crore. New airports, medical colleges and sports infrastructure in Bihar will be constructed.
Real Estate and Housing
- The government will facilitate the development of 'Cities as Growth Hubs'. This will be achieved through economic and transit planning and orderly development of peri-urban areas utilising town planning schemes.
- Transit-oriented development plans for 14 large cities with a population above 30 lakh will be formulated.
- Under the PM Awas Yojana Urban 2.0, the housing needs of 1 crore urban poor and middle-class families will be addressed with an investment of Rs 10 lakh crore.
- This will include the central assistance of Rs 2.2 lakh crore in the next 5 years. A provision of interest subsidy to facilitate loans at affordable rates is also envisaged.
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