Medical

PM Modi to address the nation at 7.30pm

PM Modi to address the nation at 7.30pm

Modi also rang in the New Year by announcing a number of incentives to benefit the country's poor, farmers, small traders, elderly citizens, and women. "There was not a single mention of how much black money had been unearthed [due to demonetisation]".

Early last month the government scrapped the 500 and 1000 rupee notes to crack down on undeclared money and fake cash.

"The patience, discipline and resolve that crores of Indians have shown, had Lal Bahadur Shastri, JP Narayan, Lohia were here, they would bless Indians", he said.

Under the Pradhan Mantri Awaas Yojana, those belonging to the poor, lower middle and middle classes in cities will be eligible to four per cent discount on housing loans upto Rs 9 lakh.

Modi also announced 33% increase in the houses built in the rural areas and announced a new scheme of 3% subvention in interest on loans taken up to Rs 2 lakh for building or renovating a home.

A November 17 announcement allowed the farmers to withdraw up to Rs. 25,000 per week from their KYC-compliant account.

This could bring down final borrowing rates for farmers.

Honda Recalls 634000 Odyssey Minivans for Second-Row Seat Problems
Honda said that due to the large volume of parts needed to fix all affected units, the fix will not be available until the spring. From there, an authorized Honda dealer will inspect the latch mechanism and adjust it (if needed, ) to ensure proper operation.

In the next 3 months, 3 crore Kisan credit cards will be converted to RuPay cards which will enable them to buy/sell directly through the card and there will be no need to rush to banks. "Your sacrifice is like a blessing to me", he said, vowing to take the banks back to the normalcy and asking the bankers to focus on removing the pain of the cash crunch in villages and distant places with a proactive role. As the custodian of the people's money, the Central bank is answerable for decisions that have a direct bearing on their financial well-being.

Government to double its loan guarantee scheme to small businesses to 20 million rupees.

"This will be transferred straight to their account".

The prime minister plans to introduce new schemes to help farmers get adequate access to seeds and equipment, as well as to reduce the burden of loan repayments.

Currently, State Bank of India (SBI), the country's biggest bank, pays an interest rate of 6.5 per cent to retail depositors on fixed deposits with maturity between 5 years and 10 years.

Modi called India's massive demonetization drive, which withdrew 86 percent of the country's currency bills from the system, "a historic purification ritual" to cleanse the system of tax evasion and corruption.

"Economists have a consensus that cash should be in mainstream of economy". They should now work to change the system. Finally, Modi did little to assure the people that major reforms will be initiated to stem the flow of black money in politics. "The time people should have spent earning their livelihood was spent in the queues", he said.


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