NEW DELHI –
Indian Prime Minister Narendra Modi announced in Saturday’s New Year speech a series of incentives for the poor, farmers, women and small businesses, and defended his recent decision to abolish high-denomination notes.
TV speech is widely considered an opportunity, Moody’s in November 8 radical action to cancel all 500 and 1000 rupees bills, accounting for 86% of the currency in support of currency support.
Millions of Indians were forced to queue for hours outside the bank to deposit old money and extract as much new money as possible, allowing widespread anger and concern over the growth of the Indian economy this quarter.
The so-called “demonetization” aims to smash India’s huge shadow economy, increase taxes, promote the use of bank accounts and digital transactions, but that this ambitious operation was disturbed Modi status.
Only a few weeks ago, Uttar Pradesh, the country’s most populous country with 200 million people, held an election to test whether people’s leaders have been weakened.
Modi praised the patience of the Indians. “In this fight against corruption and money, it is clear you want to be with us (government) side by side,” Moody said.
“For us in the government, this is a blessing … Corruption, money and counterfeiting in the social fabric of India has become so rampant that even honest people are brought to their knees.
The State Bank of India, the state bank of India, announced a 90 basis point cut on Sunday.
Lower lending rates could increase credit growth and trigger a recovery in private investment.
NO “BIG BANG OFFERINGS”
On Saturday, Mr Moody urged banks to increase their lending to the poor by announcing a series of measures, including a 4 per cent discount on home loan rates of up to Rs 900,000 ($ 19,165), 2017 by middle class Indians people.
Moody also said the government will increase the credit guarantee for small businesses and provide additional incentives for digital transactions.
There are steps to help pregnant women and the elderly, as well as financial support to farmers, apparently to win the support of a large rural population in Uttar Pradesh, heavily hit by cash repairs.
Modi did not say how the government would pay for these measures, although economists said the package could not be too expensive. It was announced when the government announced its annual budget, possibly for some time in February. “It’s clear that Modi has been condemned and there is no big bang today,” said Mohan Guruswamy, chairman of the Center for Alternative Policy, the independent economic think tank.
He is clearly doing so to win back political support. The Uttar Pradesh investigation will be a touchstone between the ruling Bharatiya Janata Party and his ruling Bharti and will in some way determine the chances of the Prime Minister in the Chinese National Poll 2019 Of the second term.
Although he implemented several major reforms in Asia’s third-largest economy, the cash ban was seen as his biggest political gamble so far.
Major opposition party members quickly criticized the speech.
A senior member, Prithviraj Chavan, said the address was vague and lacked accurate accounting details. “It was the day when he submitted the report card and specifically disclosed the benefits of” exit “, but apparently the whole operation was a failure.
In his speech, Modi tried to take this action as all the Indians should support the matter. “I urge all political parties and leaders to stay away from a” more solemn person than you “, focusing on giving priority to transparency and taking firm steps to free up money politics and corruption.
