Important Points of PM Narendra Modi New Year Speech

The New Year speech of our Prime Minister Shri Narendra Modi has been a reason to rejoice for people of all sections of Indian society. They include the women, worker class, disadvantaged and lower strata of the society. These announcements gain importance as it is being said that appropriate policy steps would be taken by the government in the coming budget session.

The important announcements made our PM sector wise are listed below –

Below Text has been taken from FirstPost to make the schemes easy to understand for you.

HOUSING

1) The number of houses being built for the poor, under the Pradhan Mantri Awaas Yojana (PMAY) programme in rural areas, to be raised by 33 percent.

2) Loans of up to 900,000 rupees ($13,200) taken out in 2017 to receive interest rebate of 4 percent.

3) Loans of up to 1,200,000 rupees taken out in 2017 to receive interest rebate of 3 percent.

4) Loans of up to 200,000 rupees taken in 2017 for new housing, or extension of housing in rural areas, to receive an interest rebate of 3 percent.

FOR FARMERS

1) Government to bear 60 days interest on select farm loans.

2) Government to add 200 billion rupees to the 210 billion rupee fund created by National Bank for Agricultural and Rural Development (NABARD) in November.

3) Government to bear the loss that NABARD suffers by giving loans to cooperative banks and societies at low interest rates.

4) Government to issue RuPay debit cards within three months to 30 million farmers who have Kisan Credit Cards.

SMALL AND MEDIUM BUSINESSES

1) Government to double its loan guarantee scheme to small businesses to 20 million rupees. Widens scope to include non-banking finance companies (NBFCs) from just banks earlier.

2) Banks and NBFCs will not levy high interest on these loans, as the Government of India is bearing the cost of underwriting them.

3) Asks banks to raise the credit limit to 25 percent from 20 percent of turnover for small businesses.

4) Banks asked to raise working capital loans to 30 percent from 20 percent of sales for enterprises that transact digitally.

5) Reduces tax liability for digital transactions for small businesses’ with turnover of up to 20 million rupees to 6 percent.

DISADVANTAGED PEOPLE

1) Aims to double the number of people who benefit from an institution designed to channel credit to disadvantaged people from nearly 35 million people now by giving priority to dalits, tribals, “backward classes” and women.

2) Introduces a nationwide scheme for financial assistance to pregnant women: 6,000 rupees will be transferred directly to the bank accounts of pregnant women who undergo institutional delivery and vaccinate their children.

3) Senior citizens will receive a fixed interest rate of 8 per cent for a period of 10 years on deposits up to 750,000 rupees. The interest will be paid monthly.

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