PM Modi's initiatives would accelerate economic growth: Nirmal Singh

Jammu and Kashmir Deputy Chief Minister Nirmal Singh on Sunday said the initiatives announced by Prime Minister Narendra Modi would go a long way in providing security to the urban poor, senior citizens and women besides accelerating economic and industrial growth in the country.

Singh was addressing a gathering at Mahanal in Kathua district after paying obeisance at Aapshambu.

While referring to the announcements made by the Prime Minister on eve of New Year in his address to the nation, Singh said the hike in Pradhan Mantri Awaas Yojana (PMAY) by 33 percent would ensure that the housing needs of urban poor are addressed to a large extent.

He said, "Three crore Kissan Credit Cards would also be converted into Rupay Cards which would give the freedom to the farmers to withdraw money or subscribe to any service without visiting the banks thereby saving their time and ensuring hassle-free services."

NABARD funding, which was to the tune of Rs. 21,000 crore, is also being increased by additional Rs. 2,000 crore so that the agriculture related activities would get the required fillip.

Similarly, the farmers who have taken loans from Central Cooperative banks will get grace period for interest for first sixty days which would be borne by the government.

While referring to the initiatives announced by the Prime Minister for the industrial sector, Singh said the credit guarantee for micro, small and medium enterprises will be raised from Rs. one crore to Rs. two crore.

"Another important initiative announced by the Prime Minister is the provision of putting Rs. 6,000 in the accounts of pregnant women in 650 districts for vaccination and other medical uses," he added.

Singh said similarly three and four percent subvention on the interest rate has also been announced on the home loans of an amount of Rs. nine lakh and Rs. 12 lakh respectively which would largely benefit the urban poor.

"In order to benefit the senior citizens the interest rate on their saving up to Rs. 7.5 lakh has been increased to eight percent," he said.

"Initiatives undertaken by the Prime Minister for curbing corruption and bringing back the money which was outside the mainstream are revolutionary and we should all contribute our bit by supporting and strengthening these initiatives," he added.

It is pertinent to mention that huge rush of people is witnessed at Aapshambu in Mahanal on January 1 and on Mahashivratri, in which devotees from different areas and states come to pay their obeisance.

The Deputy Chief Minister while interacting with the management committee assured that he would take up the issues of road connectivity and other related things with the concerned so that the devotees do not face any inconvenience.

"The area of Mahanal would also be developed under the pilgrimage tourism and necessary and requisite infra would also be constructed," he added.