Modi says traders to get 50-lakh loan without collateral, credit card, pension if NDA re-elected

Prime Minister Narendra Modi Friday promised traders Rs 50-lakh loan without any collateral, credit card facility and a pension scheme for small shopkeepers as he made a strong re-election pitch to the business community.

Modi said while his government has stood by traders in thick and thin, the opposition Congress has abused businessmen by calling all of them 'chor' (thieves).

Addressing a traders' convention here, he said the BJP-led NDA government in the last five years at the Centre worked to simplify lives and businesses of traders by scraping 1,500 archaic laws, simplifying processes and providing easy credit.

Traders are "backbone" of the Indian economy but had in past never got the respect they deserved, Modi said, adding that doubling the size of the economy to USD 5 trillion is not possible without their contribution.

"I am impressed by the hard work of traders... their business has helped the economy bloom," he said. "I have tried to make your life and business easy in last five years."