EXCERPTS OF PM MODI'S NEW YEAR SPEECH
Prime Minister Narendra Modi addressed the nation on the eve of new year exactly after 50 days of the 'Demonetization'.Some of the key highlights are mentioned below.
- Under 'Pradhan Mantri Awas Yojana' two new schemes are launched that will provide 4% interest waiver on loan of up to Rs 9 lakh and 3% on loan up to Rs 12 lakh.
- Central Government will pay interest for 60 days on loans taken by farmers for rabi season from district cooperative banks and primary societies.
- 3% interest waiver on loan up to Rs 2 lakh for construction of houses in rural India.
- Central Government will be standing as guarantor for loans up to 2 crores from current Rs 1 crore for small businesses.
- Lending banks has been asked by Central Government to raise cash credit limit to small business to 25% from 20%.
- Guaranteed interest rate of 8% for deposit up to Rs 7.5 lakh for 10 years for senior citizens,accumulated interests will be paid monthly.
- Rs 6000 will be put into accounts of pregnant women in 650 districts for vaccination and other medical purpose through Direct Benefit Transformer.
- There are 24 lakhs people in the country who declared their income is more than 10 lakhs.
- Rs 20000 Cr has been pumped up in NABARD fund to give loans to farmers.
- In 3 months 3 crore Kishan Credit Cards will be transformed into Rupay Credit Cards.
- Tax for small entrepreneurs will be calculated on 6 % on digital transaction instead of 8%.