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Complete List of Slew of Measures Announced by PM Modi

First published: December 31, 2016, 8:37 PM IST | Updated: 0 mins ago

File image of Prime Minister Narendra Modi. (Photo: PTI)

New Delhi: Prime Minister Narendra Modi announced a slew of measures for farmers, urban poor and small entrepreneurs besides housing loan subsidies for the poor and new incentives for senior citizens.

In a much-anticipated televised address to the nation, Modi thanked the people of India for standing shoulder-to-shoulder with the government in the fight against blackmoney and fake notes by supporting the demonetization drive despite hardships. Here are the key sectors that figured in Modi’s speech.

– For urban poor: 4% subsidy on interest for 9 lakh rupee loan; 3% subsidy on 12 lakh loan
– Rural poor: housing quota under PM Awas increased by 33%; 3% off on 2 lakh rupee loan

– Rabi sowing area increased by 6%; fertilizer offtake increased by 9%
– Govt will transfer some money into accounts of farmers; dist coop banks asked to give rebate for rabi loans
– 20,000 cr more for NABARD to give subsidized loans, govt will compensate NABARD
– 3 crore kisan credit cards to be converted to RuPAy cards in next 3 months

– Small industries credit guarantee increased from 1 cr to 2 crore. Govt will provide guarantee when banks lend to small industries. NBFCs also included in this scheme
– Cash credit limit raised for small industries from 20% to 30%
– Working capital limit for small industries raised from 20% to 30%
– For small industries with turnover of 2 crore, interest rate rebate to 6% from 8%

– Maternity benefit for rural pregnanat women to be 6000 rs deposited in their accounts (for registration, immunization, nutrition)

– For money of upto 7.7 lakh a lock in of interest rate for 10 years @ 8%, payable monthly

Speaking on slew of measures announced by PM Modi, Sanjaya Baru, former media advisor to Manmohan Singh, said: “Several segments of the population were affected since Nov 8 by the lack of cash and the need to stand in queues. This is a palliative to smooth ruffled feathers. PM Modi is reachingout to senior citixens, farmers, women… all of this is meant to offer comfort.”