Indians do well abroad due to low interest on loans: V K Singh

By: |
Mumbai | October 11, 2017 5:01 PM

The people who go abroad do well due to low interest rates on loans which help them to take forward their ideas and opportunities, Minister of State for External Affairs V K Singh said today.

V K Singh, V K Singh on loan issue, indians in abroad, indians situation in abroadMinister of State for External Affairs V K Singh. (PTI)

The people who go abroad do well due to low interest rates on loans which help them to take forward their ideas and opportunities, Minister of State for External Affairs V K Singh said today. He was addressing a gathering of bankers here, as part of a promotion campaign of MUDRA (Micro Units Development and Refinance Agency).

“People going abroad do very good and the reason for it is very simple. They get a good opportunity there and have the required financial support to take their ideas forward. Also, the interest rates on banks there are very low,” Singh said.

He said the MUDRA scheme was a tool for young entrepreneurs to be empowered to do what they want.

“There is no collateral required to avail the loans and the paper work is also very minimal. According to figures, women have been the main beneficiaries of this scheme,” he said.

Singh asked the bankers to interact with beneficiaries and seek their suggestions, feedback and complaints to ensure that the scheme can be made better with time.

“MUDRA can be a tool to stop farmer suicides as well mostly due to over burdening from loans. The other members of the family can avail the loan facility and do some other work to balance the bad finances,” he said.

Singh said that since employment opportunities are limited in the country, the banks should encourage people to widen their scope of work and employ more people to help cut down the unemployment rate.

Maharashtra’s Women and Child Development Minister Pankaja Munde, Shiv Sena MP Arvind Sawant and BJP MLA Raj Purohit were present on the occasion.

Get live Stock Prices from BSE, NSE, US Market and latest NAV, portfolio of Mutual Funds, Check out latest IPO News, Best Performing IPOs, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Financial Express is now on Telegram. Click here to join our channel and stay updated with the latest Biz news and updates.

Next Stories
1UP Elections: Congress to give 40% tickets to women candidates, announces Priyanka Gandhi
2Smriti Irani to L Murugan, 12 Union ministers who added properties in pandemic year
3Who is Baby Rani Maurya? BJP’s bet against Mayawati’s ‘Jatav’ vote base in Uttar Pradesh