Incentives for poor in Modi's New Year agenda

Zachary BarrettJan 03, 2017

If Shastri, Kamaraj or other great leaders were alive, they would have blessed us.

BJP State Spokesperson Shivratan Sharma while addressing a press conference on Sunday termed the Prime Minister's address to the Nation on the eve of New Year as historic and unprecedented.

Home loans for poor and middle class upto Rs 9 lakh will get 4 % exemption on interest and upto Rs 12 lakh will get 3 % exemption.

Government to bear 60 days interest on select farm loans.

On Nov. 23, the national bank for agriculture and rural development (NABARD) created a fund of Rs21,000 crore to help farmers sow winter crops. He had also asked the Prime Minister about the economic impact of this move and details about the number of jobs lost.

This could bring down final borrowing rates for farmers.

He has also announced about measures for the weaker section of the society, including the housing subsidies in the urban areas and conversion of the Kisan Cards into the Rupay cards for the farmers.

Together the two notes represented 86% of the currency in circulation and there have been chaotic scenes in India ever since, with people having to spend hours queuing outside banks and cash machines which have been running out of money.

At a press conference in Tumakuru city, Mr. Jayachandra alleged that the Union government has given a benefit of Rs.5 lakh crore in the form of loan waiver to corporate companies.

Government to double its loan guarantee scheme to small businesses to 20 million rupees.

In a bid to soften the demonetisation blow, the Prime Minister Narendra Modi has rolled out several new schemes for the low and middle income groups, while thanking people for enduring the note-ban pain.

"This will be transferred straight to their account".

Experts say there is a powerful feeling of schadenfreude among the general public: a hope that India's highflying, tax-dodging one-percenters will suffer more if the economy is cleaned up.

But with India in the grip of a severe currency shortage since the government invalidated 86% of the cash in circulation on November 8, the couple couldn't scrape together even $100 for transportation to the hospital.

The government has pitched the move as part of a broader strategy to clamp down on India's bustling parallel economy where deals take place in cash.

"The common man will be trouble free if they are made aware of the digital financial transaction options", he said asking the youth to lead the change.

The demonetisation move has set in motion the world's largest currency culling exercise with people given 50-days to deposit old notes in banks and post-offices by December 30.

1/ Time for politicians to let go of "holier than thou" approach.

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