Narendra Modi’s sops to the poor after demonetisation

pm-speechPrime Minister has announced a slew of measures to extend the benefits of demonetisation to the poor and the middle class. Interest relief on housing loans to the poor and the middle class, Rs 20,000 crore in NABARD fund to give loans to farmers, raise of credit guarantee for small entreprenuers and reduction of tax on digital transactions are some of the concessions offered by the PM in today’ speech.

See below the list of announcements by the PM:

  • In 2017, villagers who want to build their homes or expand them will get loans.
  • For loans up to 2 lakh – 3 per cent interest relief; 9 lakh – 4 per cent interest relief; 12 lakh – 3 per cent interest relief will be given.
  • Government will take care of interest for 60 days for farmers who had taken loans from district coop, central bank.
  • 20,000 crore in NABARD fund to give loans to farmers.
  • In 3 months, 3 crore Kisan Credit Cards will be transformed to RuPay credit cards.
  • For small entrepreneurs, credit guarantee raised from 1 crore to 2 crore.
  • Loans by non-banking financial companies will also be covered in this.
  • Shopkeepers and small businessmen will get more loans because of this.
  • The government has also said for small businesses, cash credit limit raised to 25 per cent from 20 per cent.
  • A few days ago the government gave huge tax relief to small entrepreneurs.
  • On digital transactions, their tax will be calculated at 6 per cent, not 8.
  • For pregnant women, a national scheme is being launched.
  • Pregnant women will get Rs. 6,000 for their delivery, vaccination, for nutritious meals.
  • This will be transferred straight to their account.
  • This will help reduce the deaths of mothers during childbirth .
  • When banks get large deposits, they reduce interest rates on deposits.
  • Senior citizens will be assured 8 per cent interest on their deposits up to Rs. 7.5 lakh.

PM’s Speech Video: