Narendra Modi’s reform trajectory continues: PM hails cabinet decisions, says crores of Indians to benefit

On the interest subvention scheme for Shishu loans, Narendra Modi said that the scheme would provide valuable support and stability to small businesses.

narendra modi, cabinet briefing, landmark decisions, mudra
Modi believes that if UP CM Yogi Adityanath had not prepared well, there would be many lives lost in the state.

Prime Minister Narendra Modi said that the landmark decisions taken by the Union Cabinet today are aimed at accelerating economic growth and the country’s strides in space, besides assisting farmers, villages, and small businesses. Narendra Modi added that crores of Indians will gain from these decisions as the cabinet has approved 2 per cent interest subsidy for MUDRA loans under Rs 50,000, among other important decisions. Keeping in mind the various economic stimulus measures to support India’s weaker sections and small businesses, the Prime Minister said in a tweet that the reform trajectory continues.

The Union Cabinet today approved the private sector participation in the space projects; allocated Rs 15,000 crore to bolster India’s animal husbandry and livestock sector; extended the tenure of the OBC Commission by six months; approved to upgrade the Kushinagar airport as an international airport; and approved 2 per cent interest subsidy on Mudra loans of less than Rs 50,000. On the approval to allow the reforms in the space sector, the PM said that it is yet another step towards making the nation self-reliant and technologically advanced.

Also Read: MUDRA loans get even cheaper: Modi govt’s interest relief to small borrowers of less than Rs 50,000

On the interest subvention scheme for Shishu loan accounts under the Pradhan Mantri Mudra Yojana, he added that the scheme would provide valuable support and stability to small businesses. The government has set up the Animal Husbandry Infrastructure Development Fund, which is in-line with the PM Modi’s mission to double farmers’ income. Narendra Modi underlined that the investment and sectoral infrastructure, especially in dairies, will get an impetus. 

Ever since the country went under the nationwide lockdown, adversely affecting the businesses and household incomes, the BJP-led government has been rolling out reforms and economic measures at regular intervals. In an effort to make India a self-reliant nation, Prime Minister Narendra Modi had also announced Atma Nirbhar Bharat package worth Rs 21 lakh crore that encompassed all sections of the society and all sizes of businesses. 

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First published on: 24-06-2020 at 18:48 IST