PM announces major sops for housing, farmers, women

mangaloretoday/yahoo

New Delhi, Dec 31, 2016: Prime Minister Narendra Modi, addressing the nation on New Year’s Eve, spelt out some major sops for rural and urban housing with easing of interest rates for this, sops for farmers and for women, etc in his post-demonetisation roadmap for the country.

 

HIGHLIGHTS

“The government has taken some decisions to enable poor and middle class people to purchase houses.”
   
“There are two schemes drawn to enable the lower class, lower middle class and upper middle class avail houses.”
   
“In 2017, home loans for poor and middle class people up to Rs 9 lakh will get 4 per cent exemption on interest and up to Rs 12 lakh will get 3 per cent exemption.”
   
“For next three months, 3 crore credits will be converted to RuPay cards.”
   
“The government will bear 60 per cent interest on loans taken by the farmers from cooperative banks and primary societies to sow rabi crops.”
   
“Credit guarantee for small traders to be raised to Rs 2 crore.”
   
“In around 650 districts in the country, government will provide Rs 6,000 in the accounts of expecting mothers to bring down mortality rate. Expecting mothers will also get proper nutrition and vaccinations.”
   
“3% interest waiver on loan up to Rs 2 lakh for construction of houses in rural India.”
   
“The government to stand guarantee for loans up to Rs 2 crore from current Rs 1 crore, to small businesses.”
   
“Banks have been asked to raise cash credit limit to small business to 25 per cent from 20 per cent.
   
“Rs 6,000 assistance will be provided to pregnant women; the assistance money will be transferred to their account.”
   
“For senior citizens, 8 per cent interest rates on up to Rs 7.5 lakh deposited in their bank accounts will be secured for 10 years.”
   
“All concerned have been directed to restore normalcy in banking system, particularly in rural and far flung areas, to end difficulties of people.”
   
“Indian economy had cash circulation disproportionately higher than similar sized economies which had led to price rise.”
   
“Only 24 lakh people have declared their income of being over Rs 10 lakh, can you believe it? Don’t you think we should strengthen the fight against corruption for the better of the country?”
   
“A balance has to be brought between cash in the system and being cashless.”
   
“The corrupt will be punished according to law. Many used to cash have expressed the wish to come into the formal economy. This is unprecedented.”
   
“Law will do its job on illegal wealth holders but the governments priority that honest get protection and their difficulties are reduced. Its job of the officials to protect rights of common man and isolate dishonest.”
   
“Demonetisation has caused deep infliction on black money, terror, human traffickers and counterfeit currency.”
   
“I urge banks to take initiatives and launch schemes keeping in mind the poor and the middle class people.”
   
“Law will do its job on illegal wealth holders but the governments priority that honest get protection and their difficulties are reduced. Its job of the officials to protect rights of common man and isolate dishonest.”
   
“Demonetisation has caused deep infliction on blackmoney, terror, human traffickers and counterfeit currency.”
   
“I urge banks to take initiatives and launch schemes keeping in mind the poor and the middle class people.”
   
“After Diwali, our country took an important decision to curb black money which will have long term benefits,” said Prime Minister Narendra Modi.
   
“The incidents after Diwali have proved that the people of country were looking for a escape from life stifled by corruption.”
   
“The problems which the people have faced for the betterment of the country are an example in itself.”
   
“This is the first time that the people and the government were on the same side in fight against corruption.”
   
“I know you had to stand in line for hours to withdraw your own money.”
   
“People suffered due to a bright future of the country. They laid foundation of a bright future. Government and people are fighting the war together. People have shared their pain with me. Banks system being taken to normal situation,” says Modi.
   
“The pain that Indians have borne will be an example for generations,” says PM.
   
“There were more Rs 500 and Rs 1,000 notes in circulation in parallel economy than formal economy.”
   
“Many used to cash have expressed the wish to come into the formal economy. This is unprecedented.”
   
“Only 24 lakh people have admitted to earning more than Rs 10 lakh annually. Who will believe this,” asked the prime minister.
   
“125 crore citizens have proved that for them truth and honesty is important despite inconveniences post demonetization.”
   
“There is no parallel in the world of what Indians have done in the past few days.”
   
“Big notes in the economy were increasing inflation and snatching poor peoples rights from them.”
   
“Lack of cash is bad in an economy is bad, but the affect of more cash in an economy is worse.”


This was his second address to the nation since his announcement to scrap Rs 1,000 and Rs 500 currency notes on November 8.

While announcing the landmark decision, he had asked the people to give 50 days for demonetisation and getting accustomed to a cashless economy.

In a television address to the nation on November 8, Prime Minister Modi had said, “The magnitude of cash in circulation is directly linked to the level of corruption. Inflation becomes worse through the deployment of cash earned in corrupt ways.”

He said to break the grip of corruption and black money, the government has decided that from midnight of Nov 8-9 Rs 500 and Rs 1,000 currency notes will cease to be legal tender.

“The Rs 500 and Rs 1,000 notes hoarded by anti-national and anti-social elements will become just worthless pieces of paper,” he had said.