Pradhan Mantri Awas Yojana – Urban 2.0, approved in August 2024 aims to provide housing subsidies to which group?
Show answer & explanation
Correct answer: A
Explanation
The correct answer is Option 1: Urban poor and middle-class families.
Explanation:
The primary objective of the Pradhan Mantri Awas Yojana-Urban (PMAY-U) 2.0—approved by the Government of India in August 2024—is to provide affordable housing and housing subsidies to urban poor and middle-class families. This scheme has been extended for the next five years, under which financial assistance will be provided to 10 million (1 crore) urban poor and middle-class families to construct, purchase, or rent a *pucca* (permanent) house.
Additional Facts:
- Budget and Duration: PMAY-U 2.0 has been implemented for a duration of the next five years (2024–2029), with a provision for a substantial investment from the Central Government.
- Eligibility Categories: This scheme targets families belonging to the Economically Weaker Section (EWS), Low Income Group (LIG), and Middle Income Group (MIG).
- Interest Subsidy: There is a provision for interest subsidies on home loans for middle-class families to alleviate the burden of EMIs (Equated Monthly Installments) on them.
- PMAY-U 1.0: The original scheme was launched on June 25, 2015, with the objective of 'Housing for All by 2022'.
Potential Questions for Upcoming Exams:
Question: How many new houses are targeted for construction under the Pradhan Mantri Awas Yojana-Urban 2.0?
Answer: 10 million (1 crore) houses.
Question: Under which ministry does the PMAY-U 2.0 scheme primarily operate?
Answer: Ministry of Housing and Urban Affairs.
Question: By what new name is the interest subsidy scheme for the urban middle class now known?
Answer: The revised form of the Credit Linked Subsidy Scheme (CLSS).