Extended subsidy for middle class and expansion of housing sector
Nirmala Sitharaman said:
Friday, 15th May 2020
Rs 70,000 crore boost has been announced today by Nirmala Sitharman, Finance Minister in order to push housing and construction sectors which are hit by Covid-19 pandemic. This scheme essentially helps middle-class people to purchase as well as build a house.
Steel, cement and other activities related to construction would be in demand, she said. “We wish to give middle income groups - referring to the lowest strata of the middle class (incomes between Rs 6 and Rs 18 lakh only) a scheme for subsidized housing. We are now offering a one-year extension of the scheme - from March 2020 to March 2021”, she stated.
She added, “This had already benefitted 3.3 lakh families. The extension by 12 months will benefit another 2.5 lakh middle income families and generate a sudden demand in the housing sector”.
This move would definitely bring in some hope to construction sector which is the worst-hit by lockdown due to coronavirus disease. All non-essentials and related activities were shut down.
She also stated in her speech that Rs 30,000crores more would be used for farmers affected by the lockdown, as emergency funds. Rs 5,000 crore credit facility will be provided for the street vendors in order to provide rations for the poor.
Source: NDTV
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