The biggest announcement in the budget for the middle class people, the government will build 3 crore new houses

Union Budget 2024 Highlights: The first budget of the third term of the Modi government is going to be presented today. The country's Finance Minister Nirmala Sitharaman is presenting the budget for the seventh time and is making a record. People have many expectations about the budget. People from every sector are looking for relief about what will come out for them from the Finance Minister's post. Today's budget will lay the foundation for making India a developed nation by 2047. Nirmala Sitharaman has made a big announcement during the budget. She has announced to build 3 crore new houses under the PM Awas Yojana.

Important Budget Announcements
3 crore new houses announced under PM Awas Yojana
~ Rs 3 lakh crore allocated for schemes related to women
~ Rs 2.66 lakh crore approved for rural development, infrastructure to help MSMEs
Credit, regulatory changes announced
Credit Guarantee Scheme for MSMEs in Manufacturing announced
Under the MSME Credit Guarantee Scheme, loan will be available without mortgage,
PM announces ~10 lakh crore for urban housing scheme,
Rules will be made for the promotion and regulation of rental housing,
States will be encouraged to reduce stamp duties,
A new policy will be brought for energy transition.

What is PM Housing Scheme?
The government launched PMAY in June 2015. This scheme is applicable in both rural India and urban India. In rural India it is run as Pradhan Mantri Awas Yojana Gramin (PMAY-G) and in cities it is run as Pradhan Mantri Awas Yojana Urban (PMAY-U). The government provides subsidy on home loans under the PM Awas Yojana. The amount of subsidy depends on the size and income of the family. Under this scheme, banks are encouraged to provide home loans at low interest rates. The maximum repayment period of home loans under the scheme is 20 years.

President also said in his speech yesterday that the budget will be an effective document of the far reaching policies and future vision of the government, farmers, women, bureaucrats, businessmen, traders are expecting that the Finance Minister will present the budget with some gift for them.