India is planning to spend Rs 60,000 crore ($7.2 billion) on subsidised loans for small urban housing over the next five years. The scheme, which will offer an annual interest subsidy of 3-6.5% on loans up to 0.9 million rupees, aims to benefit 2.5 million loan applicants in low-income groups in urban areas. This initiative comes ahead of key state elections and general elections in mid-2024.