New Year Bonanza by the Honorable PM (New Year Eve Address)

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modi new year announcements

“The people and the government are on the same side against this Evil” says our Honorable PM in his 2nd big address to the Nation on the New Year’s Eve today. He made few important announcements which may come as a panacea for the citizens. A quick list for you all to scan through:

  1. 3 crore KCC to be converted into RuPay Cards
  2. Cash Credit Limit has been increased from 20% to 25% of their turnover
  3. Working Capital Loans limit increased from 20% of turnover to 30% for those who transact digitally
  4. 2 Home Loan schemes have been announced under the PMAY in Urban Areas
  • 4% less interest would be charged on the loans up to Rs. 9 lakh taken in 2017
  • 3% less interest would be charged on loans up to Rs. 12 lakh taken in 2017
  • No of houses being constructed has been increased by 33%
  • Loans of up to 2 lakh for small housing related expenses will get an interest subvention of 3%
  1. Tax incentives for the MSME Sector and the Senior Citizens
  2. Credit guarantee for the small businessmen increased from Rs 1 crore to Rs 2 crore. This facility will also be available to the NBFCs
  3. 20,000 crore added to NABARD corpus for farmers through DCCBs to the earlier Rs. 21,000 crore issued for the farmers to help them during the sowing season and crop related emergencies. An interest waiver of 60 days for the farmers who have taken loan after the 8th of November. The interest would be paid by the Government and deposited into their bank accounts
  4. Rates of interest for businesses with income from business transactions through digital transactions would be lowered to 6% from the earlier 8%
  5. Nationwide financial assistance scheme for pregnant women of Rs 6000 per month. Till now, 53 districts were covered under the scheme as a Pilot project and getting Rs 4000 per month
  6. Senior Citizens to receive a fixed interest rate of 8% on deposits of up to Rs.7,50,000 for 10 years. The interest can be redeemed on a monthly basis

An appeal was also made before the people to use the indigenously developed ‘BHIM’ App. He also urged the citizens to take initiatives and launch schemes keeping in mind the poor and the middle class people and support the farmers as much as they can.

A Happy New Year! Indeed 

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