Finance Minister announces ₹ 18,000 crore additional outlay for urban housing scheme

Finance Minister Nirmala Sitharaman on Thursday announced a ₹ 18,000 crore additonal outlay for the urban housing scheme to help complete real estate projects that would create jobs and boost the economy.

She said the ₹ 18,000 crore would be provided over and above the budget estimates for 2020-21 for the Prime Minister Awas Yojana (Urban) through additional allocation and extra budgetary resources.

This is over and above ₹ 8,000 crore already provided this year.

She said the move would help start work on 12 lakh houses as well as complete 18 lakh houses. This would create 78 lakh new jobs as well as demand for steel and cement.

Announcing support for construction and infrastructure, she said Earnest Money Deposit (EMO) and performance security requirements will be relaxed for government tenders.

Performance security on contracts will be reduced to 3% instead of 5 to 10%. This would be extended to ongoing contracts which are free of disputes.

It would also be extended to public sector enterprises, she said, adding states will also be encouraged to adopt the same.

Earnest money deposit (EMD) will not be required for tenders and will be replaced by bid security declaration.

These relaxations will be given till December 31, 2021, she said, adding the move would give relief to contractors by reducing locking up of capital and cost of bank guarantees.

.

Disclaimer: This post has not been edited by our staff and is published from a syndicated feed. The Original Source of this post can be found at Source link

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Latest

Supreme Court rejects pleas seeking review of 2018 Aadhaar verdict

The Aadhaar Bill was certified as a money bill which enabled the government to get it cleared without getting...

PIL plea wants voting via EVMs for those on poll duty

‘It will avoid difficulties in casting votes, ensure high polling percentage’ The Madurai Bench of the Madras High Court on Tuesday ordered notice to the...

Indonesian leader promises compensation for plane crash

Indonesia's leader on Wednesday assured relatives of 62 people killed in a Sriwijaya Air plane crash that they will be compensated. President Joko...

One Night in Miami: A timely tale of four Black icons

Four Black icons, one historic night in Miami. This is the simplistic one-line synopsis of actor Regina King’s debut film as a director, One...

More Articles