“Designing ambitious programs in systems of lending finances with appropriate safeguards is need of the hour”

Apr 25,2023

Shri Hardeep S. Puri, Minister for Housing and Urban Affairs and Petroleum and Natural Gas impressed upon designing ambitious programs in systems of lending finances with appropriate safeguards. He also highlighted HUDCO’s impending operational transition from HFC to NBFC-IFC (Infrastructure Finance Company) that would enhance the range of infrastructure project financing company can provide. As the business environment recovers and we see more financial institutions compete to lend to the state in the housing sector, it is imperative that HUDCO retains its edge. Since 1970, HUDCO has facilitated the construction of almost 2 crore residential units in India by providing financial and technical assistance and over 95% of these dwelling units have benefited the economically weaker sections and low-income groups of our society. He was speaking at the 53rd Raising Day of HUDCO here today.

Shri Manoj Joshi, Secretary, Ministry of Housing and Urban Affairs; Shri Kuldip Narayan, Joint Secretary, Housing and Urban Affairs and Chairman and Managing Director, HUDCO; Board of Directors; and other senior officials from the Ministry and HUDCO were also present.

Sh. Puri further stated that the Pradhan Mantri Awas Yojana – Urban (PMAY-U) has sought to address the shortage of housing in urban areas, particularly for low-income groups. It has become one of the largest housing programmes in the world, in terms of both scale and pace.

Sh. Puri complimented Housing & Urban Development Corporation Ltd.’s (HUDCO) contribution as one of the three Central Nodal Agencies (CNA) for the CLSS component of the PMAY – U, apart from providing viability gap funding to the other three components of the mission. Shri Puri also appreciated HUDCO's excellent contribution towards nation's growth and business performance, particularly in the recent years.

The Union Housing and Urban Affairs Minister said that 75 years of Independence are the years of achievements for any country. He reiterated that Prime Minister Shri Narendra Modi has placed the journey of the nation from 75 years to 100 years before the people as our Amrit Kaal. The resolve we will show in these 25 years, will make it a journey of fulfilment of the resolve and hard work.