Modi announces cheap home loan for poor, relief for farmers, small businesses

Modi announces cheap home loan for poor, relief for farmers, small businesses

NEW DELHI: Prime Minister Narendra Modi on Saturday announced a host of new schemes for various sections of society even as he urged the people to continue supporting the government in the fight against corruption and black money.
In his televised address on the eve of New Year, his first since the surprise November 8 announcement, PM Modi offerered relief to the poor, middle class, small businesses, farmers, senior citizens and pregnant women.
PM Modi set out a stern warning of tough action against the “dishonest” people even as he assuaged the honest people that the government will act as a friend to them so that their difficulties are eased.
Under the Pradhan Mantri Awaas Yojana, those belonging to the poor, lower middle and middle classes in cities will be eligible to four per cent discount on housing loans upto Rs 9 lakh. Loans of upto Rs 12 lakh will receive interest subvention of 3 per cent, PM Modi announced.
Saying that banks should work for the benefit of poor, lower and middle classes, the credit guarantee scheme for small, medium and micro enterprises (SME) will be enhanced for loans up to Rs 2 crore.
Highlighting the six per cent increase in sowing during the last season, Modi declared that the government will bear 60 days’ interest incurred on farmer loans. This amount will be directly transferred to the farmers’ bank accounts.
The Prime Minister also said that 3 crore farmers’ credit cards will be converted to RuPay cards in the next 3 months for ease of buying and selling at any time.
For senior citizens, a new scheme assures an interest of 8% for 10 years on deposits up to Rs 7.5 lakh.
In order to further lower the pregnancy mortality rate, Rs 6,000 will be transferred into the accounts of pregnant women in 650 districts for vaccination and pre-natal care.
Praising the citizens for their patience and unstinting support during this 50-day period, PM Modi said, “We cannot allow this fight against black money or corruption to slow down.”

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