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To enable poor people to purchase houses, new measures have been introduced under the Prime Minister Aawas Yojana (PMAY)
- A 3% interest waiver will be offeredon loans up to Rs 2 lakhs taken for construction of a new house or for renovating an existing one
- 33% more houses will be built in rural areas
PM also announced interest waivers for urban sector housing loans:
- Interest relief of 4% for loans up to Rs 9 lakhs
- Interest relief of 3% for loans up to Rs 12 lakhs
- A number of schemes were announced for the agricultural sector:
- Interest for 60 days will be borne by the government for the loans taken by farmers from district cooperative banks and societies
- NABARD will get Rs 20, 000 crores from the Government to give loans at low interest rates to the farmers
- 3 croresKisan Credit Cards will be converted to Rupay Cards in three months
For the micro, small and medium scale industries, measures included:
- Increase in cash credit limit to 25% from 20% for small businesses
- Credit guarantee for small entrepreneurs to be doubled to Rs 2 crores from Rs 1 crore, loans from NBFCs will also be covered under this.
- To boost digital economy, tax calculations for small entrepreneurs will be reduced to 6% from 8%
- For senior citizens and ladies:
- Senior citizens will be assured 8% interest rates on all deposits of up to Rs. 7.5 lakhs for 10 years.
- All pregnant ladies will receive assistance of Rs.6000 for their delivery, vaccination and nutritious meals so as to reduce mortality rate.