Incentives for poor in Modi’s New Year agenda


New Delhi: Prime Minister Narendra Modi addressed the nation on the notes ban on Saturday, where he announced new schemes for various sections of society on the eve of New Year. He also called the demonetisation as “Suddhikaran” (Purification).

In his address on the eve of New Year, PM Modi offered relief to the poor, middle class, small business, farmers, senior citizens and pregnant women.

Earlier, it was discussed that Modi will take strictly action against Benami Property, but he thanked to the peoples for supporting to demonetisation.

Here some Highlights……

  • 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
  • For the benefit of small traders, the credit guarantee scheme for small, medium and micro enterprises (SME) will be enhanced for loans up to Rs 2 crore. The government will bear 60 days’ interest incurred on farmer loans. This amount will be directly transferred to the farmers’ bank accounts.
  • Under the credit guarantee scheme (credit guarantee fund for micro units development refinance agency or MUDRA) for small business so that they can access more funds to fulfil their growth potential.
  • 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.
  • Nabard will be given an additional Rs 20,000 crore to finance district cooperative banks and societies.
  • 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.


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