LIVE TV
ZEE Business
ZEE BUSINESS
हिंदी में पढ़ें  हिंदी में पढ़ें
Live TV
Live TV
  • Home
  • Budget 2021
  • Personal Finance
    • PPF
    • Mutual Funds
    • Income tax
    • EPFO
    • Income Tax Calculator
    • Personal Loan Calculator
    • Car Loan Calculator
    • Home Loan Calculator
    • SIP calculator
    • SWP Calculator
    • MF Returns Calculator
    • Lumpsum Calculator
  • India
    • Companies
    • Property
    • Startups
    • Uidai
  • Economy
    • Aviation
  • Tech
    • Mobiles
    • Apps
  • Auto
    • Cars
    • Bikes
  • Markets
    • Commodities
    • Currency
  • Jobs
  • Indian Railways
  • World
    • Economy
    • Politics
    • Markets
  • videos
  • photos
  • Authors
  • More ...
    • VIDEOS
    • PHOTOS
Read in App
Business News » India News

Modi promises collateral-free loan, insurance, pension, credit card as he woos traders

  • Twitter
  • Facebook
  • Linkedin
  • whatapp
  • View in App
Updated: Fri, Apr 19, 2019
09:20 pm
PTI
RELATED NEWS
Infosys Chairman Nandan Nilekani on India's Digital Economy I Kotak Institutional Equities highlights details Infosys Chairman Nandan Nilekani on India's Digital Economy I Kotak Institutional Equities highlights details
Digital economy to outpace GDP growth, will result in 'competitive advantage period' for leaders in digital space highlights ICICI Securities Digital economy to outpace GDP growth, will result in 'competitive advantage period' for leaders in digital space highlights ICICI Securities
#GSTMakeItEasy: Facing GST related issues? Big initiative by Zee Business - Tweet your problems now! Check all details here #GSTMakeItEasy: Facing GST related issues? Big initiative by Zee Business - Tweet your problems now! Check all details here
India’s economy picking up steam, estimate recovery at 10% in FY22: S&P Global India’s economy picking up steam, estimate recovery at 10% in FY22: S&P Global
RBI Monetary Policy: Governor Das says repo rate unchanged, sees GDP at 10.5 pct for FY22, inflation at 5.4 pct for Q4FY21 RBI Monetary Policy: Governor Das says repo rate unchanged, sees GDP at 10.5 pct for FY22, inflation at 5.4 pct for Q4FY21

In a strong re-election pitch to the business community, Prime Minister Narendra Modi Friday promised collateral-free loan of up to Rs 50 lakh, Rs 10-lakh accidental insurance to GST-registered entities, credit card facility for traders, a pension scheme for small shopkeepers and a new retail policy.

Addressing a traders' convention here, Modi said opposition Congress abused businessmen by calling all of them 'chor' (thieves), while the Father of the Nation Mahatma Gandhi used to take pride in hailing from the businessmen community of Baniya.

The BJP government, he said, has stood by traders in thick and thin and will upon re-election set up a National Traders' Welfare Board to address their issues.

Stating that the country has seen the "insults" meted out by Congress to traders, he said the opposition party has in its 70-year rule only "insulted" businessmen.

"They called all businessmen chor (thieves)" without realising the contribution of the business community in the economy, he said. "Congress' naamdaars (dynasts) cannot see anything but themselves. Gandhiji used to proudly proclaim himself as a Baniya, yet Congress abuses all businessmen, calls them chor (thieves). Today's Congress is neither aware of history nor the ground reality. Congress' naamdaars are unaware of the traders' contribution towards the country's development." The prime minister said he has in the five years of the BJP-led NDA government 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, he said adding doubling the side 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." Modi said the trading community is like weather forecaster who can anticipate future tidings.

"On May 23, once again the Modi-led government will come to power, after which a National Traders' Welfare Board will be constituted. The board will be a permanent arrangement which will create an institutional mechanism for communication between the traders and the government," he said.

Modi said the BJP will formulate a National Retail Policy to boost retail trade and provide accidental insurance up to 10 lakh to all businesses registered with the GST.

"We will introduce a traders' credit card scheme on the lines on the Kisan credit card. We will bring a policy for providing pension to small businessmen," he said.

Modi also promised that a provision will be made to provide loans of up to Rs 50 lakh without any collateral.

Congress-led governments blamed traders for ills like price rise when it was the party's own hoarders who were black marketing commodities, he alleged.

"For promoting entrepreneurship among youth, the new BJP government will invest Rs 20,000 crore in the startup sector... We will get 50,000 start-ups established in the country by 2024," the prime minister said.

He promised that several new incubation zones and incubators will be set up in local bodies to boost startups, adding that the new BJP-led government will strengthen businesses financially and institutionally in such a manner that they can leave a mark in the export sector, and also boost Brand India. Listing his government's achievements, he said he has ended 1,500 archaic laws at the rate of one per day in the last five years to make doing business easier in the country.

Processes have been simplified, inspector raj largely checked and personal interference in income tax assessment removed.

"I consider you (traders) as biggest stakeholder of the economy. Opposition parties remember you only on special occasion," he said.

Modi said the Goods and Services Tax, which was brought in July 2017 by amalgamating 17 different central and state taxes, has made doing business transparent, ended state check-posts and resulted in doubling of registered traders.

"I do not say there have not been any mistakes (in implementing GST) but we have quickly addressed any anomalies based on suggestions from traders," he said.

Based on suggestions of traders, most daily use items are taxed at zero rate while 98 per cent of the commodities are taxed at less than 18 per cent, he said adding the process of filing tax returns under GST has also been simplified and exemption limit for small businesses doubled.

"We are continuously making this process simple," the prime minister said.

Stating that he is a 'sevak' (servant) and not a 'malik' (lord), Modi said his government has on a daily basis released 70,000 free LPG gas connections to poor women, provided electricity connection to 50,000 households, opened 2 lakh Jan Dhan bank accounts for poor, given loan under Mudra scheme to 1 lakh entrepreneurs.

Modi said India has jumped 65 places on the World Bank's ease of doing business ranking to rank 77 in the world and the target is to break into top 50 in the next 5 years.

 

(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)

Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.

TAGS:
Economy
RELATED NEWS
Infosys Chairman Nandan Nilekani on India's Digital Economy I Kotak Institutional Equities highlights details Infosys Chairman Nandan Nilekani on India's Digital Economy I Kotak Institutional Equities highlights details
Digital economy to outpace GDP growth, will result in 'competitive advantage period' for leaders in digital space highlights ICICI Securities Digital economy to outpace GDP growth, will result in 'competitive advantage period' for leaders in digital space highlights ICICI Securities
#GSTMakeItEasy: Facing GST related issues? Big initiative by Zee Business - Tweet your problems now! Check all details here #GSTMakeItEasy: Facing GST related issues? Big initiative by Zee Business - Tweet your problems now! Check all details here
India’s economy picking up steam, estimate recovery at 10% in FY22: S&P Global India’s economy picking up steam, estimate recovery at 10% in FY22: S&P Global
RBI Monetary Policy: Governor Das says repo rate unchanged, sees GDP at 10.5 pct for FY22, inflation at 5.4 pct for Q4FY21 RBI Monetary Policy: Governor Das says repo rate unchanged, sees GDP at 10.5 pct for FY22, inflation at 5.4 pct for Q4FY21

LATEST NEWS

Money earning scheme: This SBI plan will give you more than Rs 81,000 interest

Central government employees, pensioners? How this FM Nirmala Sitharaman latest news today may impact you | EXPLAINED

West Bengal Elections: Meaning of Lokkho Sonar Bangla campaign? Its benefits for Bengalis? Decoded and explained

Akshay Kumar, Shah Rukh Khan, Ranveer, Priyanka Chopra applaud Alia in ''Gangubai Kathiawadi'' teaser

Stocks to buy with Anil Singhvi: Market Guru recommends this chemical stock for good returns, gives 3 targets

IMPLEMENTED NOW! Good news for government employees, PSU staff of this state - All details here

This Rakesh Jhunjhunwala stocks portfolio is in the news - see strategy

Nureca IPO Listing Today: Anil Singhvi's strategy brings handsome gains for investors as stock sees bumper listing

PAN Aadhaar Link Online Last Date: This will happen if you don't do what Income Tax dept has said! Do now via SMS

ZeeBiz raises critical questions on NSE trading glitch; Anil Singhvi demands inquiry, asks who will pay compensation for loss?

  • India News
  • World News
  • Companies News
  • Market News
  • Personal Finance News
  • Technology News
  • Automobile News
  • Small Business News
  • Income Tax Calculator
  • Live TV
  • Videos
  • Photos
  • Author
  • Rss Feed
  • Advertise with us
  • Privacy Policy
  • Legal Disclaimer

Latest Trending Updates

  • EPFO
  • Budget 2020
  • Income Tax Return
  • Auto Expo 2020
  • Home Loan
  • Business News

Trending Topics

  • Income Tax
  • income Tax Calculator
  • 7th Pay Commission
  • Reserve Bank of India
  • GST
  • Latest Business News

Follow us on

zeebiz
zeebiz

Partner Sites

  • Zee News
  • Hindi News
  • Marathi News
  • Bengali News
  • Tamil News
  • Malayalam News
  • Gujarati News
  • Telugu News
  • Kannada News
  • DNA
  • WION
Copyright © Zee Media Corporation Ltd. All rights reserved