Modi warns of tough action against dishonest, announces sops
Source: The Sangai Express / Economictimes/ Agencies

New Delhi, January 02 2017: Prime Minister Narendra Modi while addressing the Nation on New Year eve, sent out a stern warning of tough action against the "dishonest" people even as he announced a slew of sops for senior citizens, farmers, rural housing, women and small entrepreneurs to soften the blow of demonetisation.

He also assured the honest people that the Government will act as a friend to them so that their difficulties are eased.

Among the sops announced in his address to the Nation at the end of 50-day demonetisation period, Modi said senior citizens will get 8 per cent interest on deposits of upto Rs 7.5 lakh for 10 years and deposit of Rs 6000 into accounts of pregnant and lactating women in rural areas to meet medical expenses.

For farmers, he announced that banks will not charge interest for 60 days on loans taken from district cooperative central bank and primary societies for rabi crop.

For construction or expansion of a rural house, 3 per cent interest will be waived on loan of upto Rs 2 lakh.

Announcing two new schemes under Pradhan Mantri Awas Yojana, he said 4 per cent interest subvention on loans upto Rs 9 lakh and 3 per cent on loan upto Rs 12 lakh.

"The law will take its course with full force.

The Government will help the honest and protect them and see their difficulties are eased.

How honest will gain from the Government.

This Government is a friend of good people and wants to build on the good environment for the people to return to goodness," he said.

Acknowledging that "serious offences" have been committed by some bank and Government officials taking advantage of situation, he said "they will not be spared" .

Modi said all concerned in the banks have been told to focus on reducing inconveniences posed by curbs on cash withdrawals since demonetisation.

He however did not say when the restrictions on withdrawals will be lifted.

He said banks should also use the opportunity to break from traditional lending to prioritise their lending to poor and vulnerable sections.

Prime Minister asked political parties to move away from holier-than-thou attitude and come together to take some steps to ensure transparency and free politics of black money and corruption.

"We cannot allow this fight against black money or corruption to slow down," he said.

He said time has come for a serious debate on breaking the endless cycle of elections and cutting down on administrative expenses by holding Parliamentary and Assembly elections simultaneously.

Modi also announced raising credit guarantees for MSMEs and concerting kisan credit card to rupay cards.

"We cannot allow this fight against black money or corruption to slow down," he said.

Key takeaways from his speech
� It is time for politicians of all parties to rise above politics and ensure transparency.

Netas should not think that they are holier than thou.

They need to work towards removing corruption in election funding .

� The number of houses being built for the poor, under the Pradhan Mantri Awaas Yojana in rural areas, is being increased by 33 per cent.

� The topic of simultaneous polls should be discussed.

� I urge people to connect more and more with BHIM app.

� Youth who had turned to wrong path are returning in large number, if we remain vigilant we can save our children from returning to violence.

� 3 crore Kisan credit card will be converted into RuPay card.

The problem with Kisan Credit Card is that they had to go till bank to withdraw money from this card, now this problem won't exist anymore.

� NABARD created a fund of Rs 21,000 crore last month, now Government is adding Rs 20,000 crore more to this.

The loss that NABARD suffered by giving loans to coop banks, societies at low interest rate shall be borne by Government.

� Credit guarantee for Micro Small and Medium Enterprises to be raised to Rs 2 crore from current Rs 1 crore.

� There must be constructive debate around holding LS, State elections at the same time.

� Farmers who have taken loan from District Cooperative Central Bank, Government will bear the interest of that loan for first 60 days.

� Rs 6,000 to be put into accounts of pregnant women in 650 districts for vaccination and other medical use.

� To guarantee 8 per cent rate on deposits for senior citizens upto Rs 7.5 lakh.

� For loan upto Rs 2 lakh for home renovation in villages, banks will give loan with 3 per cent subvention on interest rate.

� Government to bear 60-days interest on selected farm loans.

On home loans of upto Rs 9 lakh will get 4 per cent subvention on interest and on home loans upto Rs 12 lakh will get 3 per cent subvention.

� Bank employees suffered a lot, women employees too stayed back late and helped, bank Mitra and other employees helped a lot.

� Money which was outside the mainstream, with the help of the banks has come back in the system and technology has played a big role in this.

� 125 crore citizens have proved that for them truth & honesty are important despite inconveniences post demonetisation.

� Law will act strongly against the corrupt and the guilty.

� The way people have showed exemplary courage and patience , leaders like Ram Manohar Lohia, Lal Bahadur Shastri and others would be proud of them.

� A universal truth is that terrorists, traffickers, weapon smugglers, are dependent on black money and demonetisation has hit them.

-Government will take all the steps to protect those who are earning legitimate income.

� According to the information which Government has, only 24 lakh people in the country has agreed that their salary is more than Rs 10 lakh whereas if we see in the big cities, we can find lakhs of people with more than income slab of Rs 10 lakh.

� You have taken a stepping stone towards fighting against corruption, black money, fake notes; this is like a blessing from your end to stop all of it.

� Pain which people have undergone is for the brighter future of the country.

-Soon after Diwali, our Nation witnessed economic purification.

With people's dedication, this has helped in deciding the course for many years.

-Our national and social life was plagued by a web of black money and fake notes which forced the common man to kneel before the odds.

-Incidents post Diwali proved that people were waiting for the chance to get rid of these ills.

They have shown collective power even in this situation the same way they have shown during tough situations before.

� Corruption, black money, fake notes had become so rampant in India's social fabric that even honest people were brought to t .

-Residents of this country have time and again proved the proverb of "Kuch baat hai ki hasti mitti nahi humari" .

-Demonetisation is a perfect example to show that the government and citizens have fought against corruption and passed the test of time.

The suffering people have undergone due to this will stand as a milestone for ages to come.

-I know that all of you have faced a lot of problem recently to withdraw your own money but the task here is to bring banks to normalcy as soon as possible.

Comment