Definition
Pradhan Mantri Awas Yojana
PM Awas Yojana is the government's flagship housing scheme aiming to provide affordable pucca homes to eligible urban and rural households.
PM Awas Yojana (PMAY), split into urban and rural (Gramin) components, supports the goal of housing for all by funding new homes for eligible poor and lower-income families. The urban arm has included a credit-linked subsidy that reduced effective home-loan interest costs for qualifying buyers.
The scheme combines central assistance with state and beneficiary contributions and is delivered through multiple verticals such as in-situ slum redevelopment and beneficiary-led construction. It is one of the largest social-housing programmes in the world by units targeted.
Related terms
- Direct Benefit Transfer (DBT)Direct Benefit Transfer is the routing of government subsidies and welfare payments straight into beneficiaries' bank accounts to cut leakage and middlemen.
- Pradhan Mantri Jan Dhan YojanaPM Jan Dhan Yojana is the financial inclusion scheme that provides basic, no-frills bank accounts to unbanked households, often with overdraft and insurance benefits.
- PM-KisanPM-Kisan is an income-support scheme that transfers a fixed annual amount directly to eligible farmer families in instalments.
Plain-English explainer from The Dispatch Investors Encyclopedia. General information, not financial advice.