Finance Minister Nirmala Sitharaman on Wednesday announced a 66 per cent hike in the outlay for the Pradhan Mantri Aawas Yojana (PMAY) to Rs 79,000 crore.

The scheme envisages providing houses for rural as well as urban poor and the massive hike in its outlay holds significance keeping in mind the fact that this is the last proper Budget of the NDA government before the 2024 Lok Sabha elections.

Also as many as nine states go to polls this year.

Meanwhile, in her speech while presenting the Union Budget for 2023-24, Sitharaman further said that the capital investment outlay has been increased for the third year by 33 per cent to Rs 10 lakh crore, which will be 3.3 per cent of GDP.

She further informed that an urban infra development fund will be managed by the National Housing Bank (NHB) and will be used by public agencies.

"We expect to make available Rs 10,000 crore per annum for the urban infra development fund," Sitharaman informed in the course of her speech.