PM Modi announces two housing schemes for economically backward sections: Key announcements from speech

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Prime Minister Narendra Modi on Saturday addressed the nation on New Year eve, a day after 50-day deadline post demonetisation came to an end. In his speech, the Prime Minister reiterated his commitment to the fight against corruption and said black money and fake notes had become so rampant in India’s social fabric that even honest people were brought to their knees.
Giving a bonanza to farmers post demonetisation, PM Modi announced that government will bear interest for 60 days on crop loans taken by farmers from district cooperative banks and primary societies for sowing operations this Rabi season.
PM Modi said that the government had to take a tough decision while deciding to implement demonetisation, adding that without the support of people it would not have been possible. Emphasising that the corrupt will be punished, he said that law will continue to do its work and with utmost severity but added that the focus will remain on protecting the honest and reducing their difficulties.
“The suffering undergone by the citizens is an luminary example of our citizens’ sacrifice to secure a bright future for the country,” he said, while lauding the bank employees and authorities for working all nights after demonetisation. The Prime Minister said that they have done exemplary work, but also accepted that there were reports of few indulging in corruption. “All concerned directed to restore normalcy in banking system, particularly in rural
Here are the major announcements the Prime Minister has made during his New Year’s eve speech:
* Two housing schemes for the economically weaker sections have been announced under the Pradhan Mantri Aawas Yojna
* Loans of up to 9 lakh rupees taken in 2017 will receive interest subvention of 4 per cent
* Loans of up to 12 lakh rupees taken in 2017 will receive interest subvention of 3 per cent
* 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
* Loans of up to 2 lakh rupees taken in 2017 for new housing, or extension of housing in rural areas will receive an interest subvention of 3 per cent
* 3 crore farmers who have Kisan Credit Cards, will be given RuPay debit cards within three months

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