Pm narendra modi offers a bounty of welfare and subsidy in his new year eve’s address
Prime Minister Narendra Modi’s address to the nation on New Year’s Eve was notable as much for what it said as for what it did not. The speech announced a number of relief and welfare measures for different sections of the populace. As far as New Year bounties go, this is a bounty. At the same time, the speech did not claim final success for the cleansing ritual launched on November 8, as the prime minister chose to describe demonetisation. But that’s all right. This is no competition.
Also, the prime minister did not announce any transfer of a bounty from demonetisation to Jan Dhan accounts, as many had predicted. Rather, he described ending corruption as an ongoing project close to the hearts of the people of India, in which he solicited everyone’s cooperation. The PM has placed a huge burden on banks. A 4 per cent reduction in the interest rate on housing loans up to .Rs 9 lakh, a 3 per cent reduction in housing loans up to.Rs 12 lakh, 8 per cent assured rate of interest to senior citizens on their deposits, larger volumes of credit to small and medium enterprises, loan writeoffs for farmers, additional paperwork on enhanced credit guarantee for small businesses and an expansive mandate to lend the larger deposits that have accumulated, thanks to demonetisation, to the poor, the youth, the unemployed and the marginalised, to create a more prosperous future for them. With practised smoothness, the PM also passed on to banks the burden of bringing normalcy back, in terms of the ability to withdraw cash from bank branches and ATMs — after all, the government has done the job of directing the banks to do so.
If the already strained finances of the banks are not to fray further, the government has to provide them with budget subventions. The promise of Rs 6,000 in the bank account of every pregnant woman is a promise of the Food Security Act of 2013. While tax collections are likely to depend on how the economy absorbs the financial shock of cash being sucked out of the cash-dependent economy, the PM’s ‘handouts’ will test fiscal discipline.
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