Prime Minister Narendra Modi’s speech on New Year’s Eve was much awaited to say the least. Understandably so, given his last address to the nation led to the scrapping of Rs 500 and Rs 1,000 notes.
Many expected that Modi in his address – coming a day after the deadline to deposit the old notes – will provide a closure report on demonetisation. But he didn’t.
The Prime Minister instead listed welfare schemes for the poor, middle class and women. But is that a reason to cheer? Not really. Business Standard ran a fact-check on Modi’s big promises – and found that most of his offerings were simply a modification of old schemes.
Benefits For Pregnant Women
The National Food Security Act, 2013 provides a minimum of Rs 6,000 as maternity benefits for pregnant women.
RuPay Debit Cards For Farmers
Issuing RuPay and other debit cards against KCC has existed as a provision since the year 2012. However, it hasn’t been mandatorily provided to all farmers who take credit for their needs. Interestingly, 5.66 million cards against KCC were issued in 2013-2014, according to a Lok Sabha reply.
Benefits For Small Businesses
It was back in 2015 that the Reserve Bank of India had advised banks to set up fixed ‘additional working capital limits specifically for meeting the temporary increase in working capital requirements arising mainly due to unforeseen/seasonal increase in demand for products produced by them’. The apex bank also said that banks ‘have since confirmed to us having put such a policy in place.’
According to official claims, the 2015 scheme has benefited 21 million people in this financial year.
To sanction and disburse crop loans to farmers at the rate of Rs 100 billion a week, an estimate of Rs 350 billion is needed by the district co-operative central banks (DCCBs), according to the RBI.
(Source: Business Standard)
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