Did PM’s New Year’s speech make the cut?

Did PM’s New Year’s speech make the cut?

On the eve of New Year 2016, India was expecting relief from cash crunch since it was the completion of 50 days and there were promises made for the end of this duration. People over the country put a halt to everything important to hear Prime Minister Modi’s speech on New Year’s Eve.

Ever since demonetization hit, there are a lot of believers among protesters who have had faith that this is only a momentary lapse for the greater good of the nation. It was extremely important that on the completion of 50 days, which the PM had tearfully asked for from the nation to regain normalcy, people be shown some hope for relief and better days.

Yes

1. Home loans: For the poor and middle class, home loans upto Rs 9 lakh will get 4 per cent grant on interest and upto Rs 12 lakh will get 3 per cent grant. In villages, people can avail Rs 2 lakh home loan for house renovation with 3 per cent grant on interest.

2. Small businesses: Small scale factory owners and businessmen will benefit from the scheme where banks have been ordered to raise cash credit limit to 25 per cent from 20 per cent. They will get a raised credit guarantee from Rs 2 crore from existing limit of Rs 1 crore. This only covered bank loans earlier but now it is also to cover loans given by NBFCs. No higher interest will be levied on them by banks or NBFCs. The taxing liability of small businesses is also to be decreased.

3. Farmer’s solace: Government has come to the rescue of farmers and granted their interest for 60 days on loans taken by them for cultivation of Rabi. Government will pay the interest for this duration to district cooperative banks and societies. Loaning facility is also increased. NABARD was providing a fund of Rs 21,000 crores. Government has added another Rs 20,000 crore to this fund to help farmers have easy access to seeds and fertilizers.

4. RuPay cards: Within a duration of 3 months, 3 crore Kisan credit cards is to be converted to RuPay cards which will facilitate direct buying and selling in the cashless society that PM aims at. This will also allow them to save and reduce rush into banks.

5. Pregnant women: Pregnant women will get Rs 6000 for the welfare of child and mother and in an attempt to reduce child and woman mortality amongst poor who do not go to hospitals and carry delivery at home. The amount would be deposited in their bank accounts.

6. Houses for poor: Homes were built under Pradhan Mantri Awaas Yojana in rural areas. They are to be increased by 33 per cent which will bring big relief to a lot of people.

7. Digital ease: Banks will increase working capital loans from 20 per cent of turnover to 30 per cent for business enterprises that carries digital transactions.

8. Senior citizens: Senior citizens will now receive a fixed interest rate of 8 per cent for a period of 10 years on deposits upto Rs 7.5 lakh. They will be able to avail interest monthly to ease having financial help for their needs.

No

1. Budget speech: This was the kind of speech people expect finance minister to deliver in his budget speech. Reducing loan interest, increasing funds, granting taxes, etc are not what people were looking forward to at the end of 50 days of big promises.

2. Black money: People deserved to know how much black money has been unearthed in the period of time where common people faced innumerable difficulties. However, the shocker came when there was no mention of any figures.

3. No mention of punishment to offenders: They will not be spared is what not people expect for when they strived cashless to keep up with your promises. They expected to hear names and what shall be done to them instead of seeing the escape with pink slips.

4. How longer will it take? There was no mention of how much longer will the people have to suffer before regaining normalcy. There was just a sheer taunt that only 25 lakh people show an income of above 10 lakh and pay taxes in a country with bungalows and cars. This was sheer ignorance of middle class, who work in the legit way, save for years before they could live their dreams of owning house and car.

PM’s New Year’s speech might not have brought any solace to the demonetized India facing life changing problems due to cash crunch but it did show hope for normalcy in times to come. People are still hopeful; at least the ones making appearances on news channels are.