Key Highlights from PM Narendra Modi Speech On New Year Eve

Narendra Modi Speech Highlights: Indian Prime Minster Narendra Modi addressed citizens of the nation on New Year’s Eve, 31st December 2016. PM Modi had addressed public after the end of his 50st-day trial period of demonetisation came to an end on December 30. After demonetisation, Modi had said: “Help me for 50 days and I will give you the India you desired.”

Here are the top initiatives PM had announced:

For rural poor

• Home loans in villages up to Rs 2 lakh to get 3% interest exemption, available for building a new house or expanding an old one.

• In this fight against corruption and black money, it is clear that you wish to walk shoulder to shoulder with us

• 33% more homes to be built in rural areas under the Pradhan Mantri Awas Yojana (PMAY).
• 30 million Kisan credit cards will be converted into RuPay cards.
• The government will pay interest for 60 days on loans taken by farmers for Rabi farming from district cooperative banks and societies.
• The government will give Nabard Rs 20,000 crore for giving loans to cooperatives at low interest rates.

For the urban poor

• Home loans for the urban poor up to Rs. 9 lakhs will get 4% interest subvention, and loans up to Rs. 12 lakhs will get 3%.

For small businessmen

• The credit guarantees for micro, small and medium enterprises will be doubled to Rs 2 crore. This will also cover loans from NBFCs.
• Banks told to raise cash credit limit to small businesses from 20% to 25%.

For senior citizen

• 8% interest on deposits of up to Rs 7.5 lakh for senior citizens for 10 years.

To decrease deaths during childbirth

• The government to give pregnant women Rs 6,000, to be transferred into their bank accounts.

This was PM Modi’s second address to the nation since November 8, when he outlawed 500 and 1,000 rupee notes. A deadline for depositing the banned notes in bank accounts ended yesterday.  In his last address to the nation on November, PM Narendra Modi announced demonetisation of the old Rs 500 and Rs 1000 notes and urged people to bear the pain of the currency ban for 50 days to curb black money.

Narendra Modi yesterday launched an indigenous app called BHIM for online transactions. BHIM (Bharat Interface for Money) has been named after the father of Indian constitution Babasaheb Bhim Rao Ambedkar.

The speech of PM Narendra Modi can be watched Here.

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