(FE)
Two years after its launch, the Prime Minister Awas Yojna Urban (PMAY-U) may be off to a slow start, but the scheme has already employed close to 1.7 crore people so far, says a study. According to the study titled ‘Impact of Investments in the Housing Sector on GDP and Employment in the Indian Economy’ conducted by the National Council of Applied Economic Research, for every Rs 1 lakh invested in the housing sector, 2.69 new jobs (2.65 informal and 0.4 formal) are created in the economy. With induced effect, the number of jobs would be 4.06 (3.95 informal and 0.11 formal).
Under PMAY-U, a total investment of Rs 1,10,753 crore involving about 21 lakh dwelling units has been approved by the government so far. On this basis, the total employment generation of 4.5 crore with induced effect is envisaged at the national level. Currently, out of the total dwelling units approved, about 8 lakh dwelling units are in various stages of completion/construction with an estimated investment of Rs 42,160 crore. Hence, employment of total 1.71 crore must have already been generated on this account, says the study.
