"Interest rate cut is a welcome news. Nearly 2 per cent cut in 30 months will bring down EMIs. This is yet another 2017 new year gift," Javadekar said in a post on twitter.
The Union HRD Minister said the reduction of interest rates will help poor, middle class and small businesses.
It's bonanza for affordable housing, he added.
"Interest rates cut with interest subsidy of 3-4 per cent will boost affordable housing and will help in realisation of dreams of millions of poor," he said in another tweet.
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