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Indian Prime Minister pledges to support small businesses

Indian Prime Minister Narendra Modi is committed to change and listening to his citizens’ concerns and griefs. Many Indian citizens have recently showed distrust in Modi after he failed to fix the problems citizens are facing with standing in long ATM queues and difficulties exchanging old notes. During a speech to the press, Modi explained that, “The hardships that the countrymen have gone through will be a burning example of sacrifice for the bright future of our nation.”

According to the Entrepreneur, in order to appease some of the people of India, Modi has made some substantial promises which include the following:

  • Banks have been asked to raise cash credit limit to small business to 25% from 20%.
  • Credit guarantee for small traders to be raised to INR 2 crore.
  • Government will ensure loans to small business owners.
  • Home loans for poor and middle class people up to INR 9 lakh will get 4% exemption on interest and up to INR 12 lakh will get 3% exemption
  • Government has taken some decisions to enable poor and middle class people to purchase houses.
  • PM Awaas Yojana will have two new schemes so that poor can take loans for building/buying homes

Furthermore, Modi has also made promises to help Indian farmers as well. Modi promised that no farmer will have a problem taking out loans, and the government will pay the interest for 60 days on select farm loans.

https://www.entrepreneur.com/article/287221

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