New Year gift for farmers

withdrawing your own money. I received letters from many people. They have shared their pain and sorrow with me, but also emphasised their support. You have talked to me as one of your own.”

“I am sure, if the great sons of India like Jayaprakash Narayan, Lal Bahadur Shastri, Ram Manohar Lohia and Kamaraj had been present today, they would have applauded the patience, discipline and resolve of our countrymen.”

He said the “shuddhikaran yagna” (purification ritual) against corruption and black money will continue in some form or other. “We cannot allow this fight against black money and corruption to stop or slow down. Firmness in truth is a guarantee for success,” Modi said.

“How long will we overlook facts that stare us in the face? I wish to share some information with you, which will either make you laugh, or make you angry. According to information with the government, there are only 24 lakh people in India who accept that their annual income is more than 10 lakh rupees. Can we digest this? Look at the big bungalows and big cars around you... Do you not feel that for the good of the country, this movement for honesty needs to be further strengthened?”

“The time has now come that all political leaders and parties respect the feelings of the nation’s honest citizens, and understand the anger of the people... I urge all parties and leaders to move away from a holier-thanthou approach to come together in prioritising transparency, and take firm steps to free politics of black money and corruption.”

Modi said two new middle income categories have been created under the Pradhan Mantri Awaas Yojana in urban areas. Loans up to Rs 9 lakh taken in 2017 will receive interest subvention of 4 per cent while loans up to Rs 12 lakh will receive interest subvention of 3 per cent.

He said 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. Another scheme, he said, is being put in place for the neo middle and middle class in rural areas. Loans up to Rs 2 lakh taken in 2017 for new housing or extension of housing in rural areas will receive an interest subvention of 3 per cent.

He said farmers had given a “fitting reply” to those who had tried to create an impression that the agriculture sector had been destroyed. Rabi sowing, he said, was up by 6 per cent compared to last year. Fertiliser offtake too was up by 9 per cent.

He said farmers who have taken loans for the Rabi crop from district cooperative central banks and primary societies will not have to pay interest on such loans for a period of 60 days. Farmers who paid interest during the last two months will receive the amount back in their bank accounts.

“Arrangements are being made to provide farmers even better access to loans from cooperative banks and societies. NABARD created a fund of Rs 21,000 crore last month. Now, the government is adding Rs 20,000 crore more. The loss that NABARD suffers by giving loans to cooperative banks and societies at low interest rates shall be borne by the Government of India.”

“The government has decided that 3 crore farmers who have Kisan Credit Cards will be given Rupay debit cards within three months. Kisan Credit Cards were launched in 1998, but so far, it was essential to go to a bank, to use them. Now, farmers will have Rupay debit cards which they can use anywhere.”

Announcing incentives for small and medium businesses, the Prime Minister said: “Government of India underwrites loans given by banks to small businesses through a trust. So far, loans were covered up to Rs 1 crore. This limit is now being enhanced to Rs 2 crore. Earlier, the scheme only covered bank loans. Hereafter, it will cover loans given by NBFCS as well. This decision will enable better access to credit for small shop-owners and small enterprises. Banks and NBFCS will not levy high interest on these loans, as Government of India is bearing the cost of underwriting them.”

The government, he said, has also asked banks to raise the credit limit for small industry from 20 per cent of turnover to 25 per cent. Banks have also been asked to increase working capital loans from 20 per cent of turnover to 30 per cent, for enterprises that transact digitally.

“A few days back, government announced a major tax relief for small businesses. Income of businesses with turnover of up to Rs 2 crores was calculated at 8 per cent of the turnover. Now, for such businesses income from digital transactions will be calculated at 6 per cent. This will effectively reduce their tax liability by 25 per cent.”

“The progress of the MUDRA Yojana has been very encouraging. Last year, nearly 3 and a half crore people have benefited from this. The government now aims to double this, giving priority to Dalits, tribals, backward classes and women.”

“We are introducing a nationwide scheme for financial assistance to pregnant women. Rs 6,000 will be transferred directly to the bank accounts of pregnant women who undergo institutional delivery and vaccinate their children. This scheme will help reduce the maternal mortality rate in a big way. This will help ensure nutrition before and after delivery, and improve the health of mother and child. So far, pregnant women in 53 districts were being given financial assistance of Rs 4,000 rupees under a pilot project.”

He also announced a scheme for senior citizens. “Banks often reduce their deposit rates, when they receive a large volume of money. This should not adversely impact senior citizens. Under the scheme, senior citizens will receive a fixed interest rate of 8 per cent for a period of 10 years, on deposits upto Rs 7.5 lakh. The interest will be paid monthly.”