Support to social sector along with interest rate cut by banks a welcome beginning: PHD Chamber

While complementing the recent reform measures announced by Hon’ble Prime Minister Shri Narendra Modi Ji, the President, PHD Chamber of Commerce and Industry, Mr. Gopal Jiwarajka,  said that  the focus to facilitate the social sector followed by interest rate cut by the leading banks is inspiring and would go a long way to foster all-inclusive development of the country.

Interest rate reduced by the banking sector is a good move to rationalize the cost of credit in the economy.

Reforms on facilitation to MSMEs, farmers, women and senior citizens are inspiring; facilitation to housing for poor under the Pradhan Mantri Awaas Yojana is a great initiative, said Mr. Gopal Jiwarajka.

It will enhance construction activity in the economy and create lots of employment opportunities for skilled, semi skilled and unskilled workforce, said Mr. Jiwarajka.

Facilitation of RuPay debit cards for farmers owning Kisan Credit Cards would benefit the farmers in terms of reduced hassles, said Mr. Jiwarajka

Credit guarantee for the interest of small and medium businesses will reduce the financial problems of the MSMEs, boost up their growth scenarios and create  employment opportunities in the MSME sector.

Raising the credit limit for small industry from 20 per cent of turnover to 25 per cent, increasing working capital loans from 20 per cent of turnover to 30 per cent for enterprises that transact digitally  is a great relief for small businesses said Mr. Gopal Jiwarajka.

The income of businesses with turnover of up to Rs 2 crores to be calculated at 6% from 8% under the digital transactions is a great starting to facilitate the MSMEs, he said

Financial support to  pregnant women is a good initiative for child and women welfare.

Provisions for senior citizens with a fixed rate of interest at 8 per cent for a period of 10 years on deposits upto 7.5 lakh rupees would strengthen the financial security of elderly and promote long term savings in the economy.  

We look forward to the continuation of dynamic policy environment and more reforms to come in the areas of ease of doing business and financial problems of the businesses, said Mr. Gopal Jiwarajka.