The Finance Minister, who will be presenting the budget for 2017-18 in February, also said the government is committed to cleansing political funding
In a series of tweets, Jaitley said: “PM’s announcements will enable a cleaner & bigger GDP…PM’s announcements will enhance economic activities”. Referring to the sops announced for different sectors, he said agriculture, MSME and housing segments will get a fillip.
The Finance Minister, who will be presenting the budget for 2017-18 in February, also said the government is committed to cleansing political funding. On the announcement of fixed 8 per cent interest rate on 10-year deposits up to Rs 7.5 lakh for senior citizens, Jaitley said it is “great news”.
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In his address to the nation, Modi said home loans in urban areas up to Rs 9 lakh and Rs 12 lakh will receive interest subvention of 4 per cent and 3 per cent, respectively. Also, in rural areas home loans up to Rs 2 lakh will get interest rebate of 3 per cent.
Modi also said government will bear 60-days interest burden on farm loans taken for rabi crops and also doubled Nabard funding corpus to Rs 41,000 crore. All 3 crore Kisan Credit Cards holders will be given RuPay debit cards, he added.