Prime Minister Narendra Modi has announced two housing schemes, tax incentives for small traders and monetary assistance for pregnant women. In a special address on the eve of new year, Mr. Modi said under Pradhan Mantri Awas Yojana 4 per cent interest waiver on housing loan up to 9 lakh rupees and 3 per cent on loan up to 12 lakh rupees will be provided in the urban areas.

He also announced three percent interest waiver on loan up to 2 lakh rupees for construction of houses in rural areas. In his nearly 45 minutes address in Hindi, Mr Modi said all pregnant women will get an assistance of 6000 rupees in all the 650 districts of the country.

He said the centre will pay interest for 60 days on loan taken by farmers for rabi season from district cooperative banks and primary societies.

Prime minister said banks have also been asked to raise cash credit limit to small business to 25 percent from 20 perent. Mr. Modi said after the demonetisation 125 crore people have proved that for them truth and honesty are important despite inconveniences.

He said the decision has laid the foundation of a bright future of the country as it caused deep infliction on black money, terror funding, human traffickers and counterfeit currency. Mr Modi said government has taken steps to protect rights of common man and isolate the dishonest people.

Talking about the alleged involments of some bank and government officials post demonetisation, the Prime Minister asserted that the serious offences have come to light and no one will be spared. He said law will take its own course against the illegal wealth holders but government’s priority is that honest get protection and their difficulties are reduced.

Prime minister said that all concerned have been directed to restore normalcy in banking system, particularly in rural and far flung areas. He said the country’s economy had cash circulation disproportionately higher than similar sized economies which had led to price rise and corruption and black money had crippled common man.

On electoral funding, Prime Minister Narendra Modi asked political parties to take steps to end black money in funding and corruption. He has sought a debate on holding Parliamentary and Assembly elections simultaneously and issue of rising costs in polls.

Mr. Modi also said the fight against black money and corruption should not be stopped.

Mr. Modi also announced that three crore farmers, who have Kisan Credit Cards, will be given RuPay debit cards within three months.