Key Highlight of Speech:- 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. HOUSING - 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 FARMERS: - 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 MSME - 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% WOMEN - Maternity benefit for rural pregnant women to be 6000 rs deposited in their accounts (for registration, immunization, nutrition) SENIOR CITIZENS - For money of upto 7.7 lakh a lack in of interest rate for 10 years @ 8%, payable monthly