Prime Minister Narendra Modi announced on Saturday two new housing schemes benefiting the Economically Backward Sections as well as financial aid for pregnant women.
In a televised address, he added that law will deal with the dishonest, congratulating people for backing the government’s demonetisation exercise.
Wishing the nation a happy new year, Modi assured that his government’s efforts in 2017 would be to bring the banking system to normal at the earliest.
On November 8, PM Modi took the nation by surprise, recalling Rs 500 and Rs 1,000 bills --- a move that met with resistance from the Opposition.
The shock announcement sparked chaos and confusion across the country, with millions of consumers queued outside banks and ATMs to change a limited number of old notes for new ones or withdraw cash. The Reserve Bank of India changed rules frequently, inviting criticism.
Modi, in his address, reiterated that people have supported the government in its “purification” campaign..
Modi thanked the people for supporting the NDA government’s attempt to “purify” the Indian economy through demonetisation.
“Social evils had become a part of our life. But the events that occurred after November 8 forced us to reflect on that,” he said, adding that it was inspiring how ordinary Indians had come forward to fight the evil within. However, the Prime Minister said the government’s efforts in the new year would be to bring about normalcy within the banking system at the earliest.
Announcing new initiatives to uplift the poor, Modi said villagers who want to build new homes in 2017 would readily get interest subvention of 4% for loans of up to Rs 9 lakh and 3% relief for loans up to Rs 12 lakh. He also announced a 3% interest subvention for loans up to Rs 2 lakh taken for renovation or expansion of existing homes by the middle and lower-middle class..
“Pregnant women will get financial assistance of Rs 6,000 in over 650 districts. The money will be credited into their accounts,” he said.Moving on to farmers, he said the government would “take care of” interest on loans taken by them from district cooperative central banks and primary societies. Modi also earmarked Rs 20,000 crore in the NABARD fund for giving loans to farmers.
The Prime Minister also announced an initiative to convert three crore Kisan credit cards to RuPay credit cards in the next three months.In sops intended to please micro, small and medium enterprises, Modi announced the raising of credit guarantees for small entrepreneurs from Rs 1 crore to Rs 2 crore. Loans by non-banking financial companies will be covered under this, he added.These initiatives announced by Modi are seen as an attempt to placate the country’s economically backward sections reportedly affected by the demonetisation initiative, which the government said was aimed at weeding out black money and corruption.
Modi, in his address, reiterated that people have supported the government in its “purification” campaign..“This government is a friend of the honest and in favour of putting the dishonest in the path of truth.”
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