Prime Minister Narendra Modi has announced two housing schemes, tax incentives for small traders, interest rebate for farmers and monetary assistance for pregnant women.
(1) Bonanza for Home Buyers:-
In a big relief to home buyers, New Schemes under Pradhan Mantri Awas Yojana were announced. Now get 4 % interest relief on home loan upto 9 lakh rupees. And 3 % cut for home loan upto 12 lakh rupees.
(2) Subvention on Home Improvements:-
In rural areas, now you can get 3 % interest relief on loan of upto 2 lakh rupees for the construction, renovation and expansion of home.
(3) Big relief to Farmers:-
Govt to pay interest for 60 days on loans taken by farmers for rabi season from district cooperative banks and primary societies.
(4) Fund to NABARD doubled:-
Additional fund of 20,000 crore given to NABARD to give loans to farmers.
(5) Kisan Credit Cards to become RUPAY:-
3 crore Kisan Credit Cards will be transformed to RuPay credit cards. Farmers had to go to banks to withdraw money. It will help farmers to sell and buy.
(6) Big boost to MSME sector:-
For small entrepreneurs, credit guarantee raised from Rs 1 crore to Rs 2 crore. Loans by non-banking financial companies will also be covered in this. Shopkeepers and small businessmen will get more loans because of this.
(7) Relief to small traders:-
For small businesses, cash credit limit raised to 25 per cent from 20 per cent. Working capital increased to 30 % from the current 20% if the transaction is done via digital mode.
(8) Big push to less cash Economy:-
In a bid to promote less cash economy, PM says small traders and businesses with a turnover of up to Rs 2 crore, 6% tax will be levied instead of 8% if they accept payments through banking and digital means.
(9) Scheme for pregnant women:-
For pregnant women, a national scheme launched. Would be Mothers will get Rs. 6,000 for their delivery, vaccination, and nutritious meals. This will be transferred straight to their account. This will help in saving lives of mothers and new born kids.
(10) Relief to senior citizens:-
Senior citizens will be assured 8 per cent interest on their deposits up to Rs 7.5 lakh. Now for the senior citizens the interest rate shall remain fixed at 8 percent for next 10 years.
Union Finance Minister Arun Jaitley has lauded Prime Minister Modi’s announcements for enhancing economic activities and welfare measures.
Source- Prime Minister’s Office (PMO)