In the following passage there are blanks each of which has been numbered. Five words/phrases are suggested. Find out which fits the blank appropriately.
CLOSET TEST FOR IBPS EXAM
Prime Minister Narendra Modi (1) three different urban focused scheme on June 25, 2015 – the Smart cities Mission, the Atal Pension for rejuvenation and Urban transformation (Amrut) and the “Housing for all” scheme. Barring the smart Cities Mission, little is really new here : Amrut repackages the Jawaharlal Nehru National Urban Renewal Mission of the Previous progressive Alliance government and the “Housing for all by 2022” mission sets to repackage its Rajiv Awas yojana. Both the affordable housing missions (2) the official estimate of an 18.8 million housing (3) in urban India in 2012 with aim to address this substantially by 2022. The NDA (National Democratic Alliance) mission seeks to create 20 million houses by then. This is important, as McKinsey has estimated that (4) the issue is addressed, the housing shortage will climb to a colossal 38 million by 2030.
The housing-for-all mission, under the rubric of “cooperative federalism”, leaves project formulation and approval according to mission guidelines to the states. On the other hand, the guidelines issued in 2013 for the Affordable Housing in Partnership (AHP) part of the Rajiv Awas Yojana (5) for central sanctioning of detailed project reports. The element of central subsidy also appears to have (6) from Rs 75,000 earlier to Rs 1-3 lakh, depending on the specific scheme. The housing-for-all mission rests on four legs – slum rehabilitation with private developers using land as a resource, affordable housing for the poor with credit-linked subsidy, housing projects in partnership (7) public or private sector entities and subsidy for individual house construction. Particularly important is a central interest subsidy of 6.5 per cent that over 15 years can go up to Rs 3 lakh.
Economically, this subsidy should be (8) against what the government currently takes, under various forms of taxes, in the building of even the humblest houses for the poor – through various methods, including excise duty on building materials and service tax. The Bengaluru-based non-governmental organisation Janaagraha has estimated that the government takes away up to Rs 1.7 lakh from a house costing Rs 7 lakh. KPMG has calculated that fees and government taxes can (9) up to 35 per cent of what the buyer eventually pays. What is most (10) is that real estate is being sought to be kept out of the coming goods and services tax, thus denying housing for the poor the benefit of setting off taxes paid down the supply chain. If a proper set-off was allowed, then a meaningful discussion could be held on how much of actual subsidy can be given to housing for the poor.
2. A.begins of
5. A.provide for
6. A.gone up
8. A.set up
9. A.make in