PM Modi announces New Housing Schemes for Poor, Middle Class

pmWishing the Nation on New Year, Prime Minister Narendra Modi dedicated a slew of development projects including two new housing schemes which will benefit the economically backward sections as well as pregnant women.

PM Modi, in his address congratulated people for backing the Government’s demonetisation exercise.


* Under PM Awaas Yojana in urban areas, 4% exemption on interest rates announced for home loans up to Rs 9 lakh and 3% for loans up to 12 lakh.

* In rural areas, people will get 3% exemption on home improvement loans up to Rs 2 lakh.

* Over the next three months, 3 crore Kisan credit cards will be converted to RuPay cards.

* Credit Guarantee for small traders (MSME) to be increased from Rs 1 crore to Rs 2 crore.

* 60 day interest waiver for farmers who lost out on seed procurement during the Demonetisation drive.

* If a trader has business of more than Rs 2 cr, then the tax calculation through digital payments will be calculated at a rate of 6%.

* Under a nation-wide campaign, Pregnant Women to get Rs 6,000 assistance.

* 8% interest rate will be guaranteed on deposits of up to Rs 7.5 lakh for 10 years for Senior Citizen; interest will be paid monthly.

Other Highlights of PM Modi’s speech:

* After Diwali, India took an important decision to curb black money which will have long term benefits.

* Overwhelmed by the support received for Demonetisation.

* Demonetisation is a purification campaign. India has been witness to a ‘shuddhikaran’ or purification drive.

* People of India have proved that honesty and truth matter a lot to them.

* Indians have displayed huge amount of discipline, patience and resolve.

* Corruption was choking India, Black Money crippled our country. But, the entire country is united now to end this menace.

* Officials have been told to concentrate on improving banking facilities especially in rural areas.

* Focus on digital and Cashless Economy. All efforts will be made to achieve it.

* We want that there be healthy cash to GDP ratio. Can’t have too much cash in the economy. Don’t want too little cash either.

* There are lakhs of people in every city who earn more than Rs 10 lakhs. But, only 24 lakh people in India have accepted it. This is a bitter truth.

* This Government is a friend of honest and aims to bring back dishonest on right track.

* Terrorism, Naxalism, Human Trafficking and Fake Currency rackets hit by Demonetisation.

* Banks have never had so much money in their systems ever before. They should start thinking about the poor, and neo middle class.

* We thank and appreciate honest bank officials. Corrupt will be punished.