New Delhi, Jan 3 : Expressing happiness over the Prime Minister Narendra Modi’s address to the nation, apex industry body ASSOCHAM said that steps announced by Modi are ‘extremely positive for the Indian economy. It further suggested that more emphasis should be given to the effective implementation of policies to speed up the economic growth.
Commenting on the pro people schemes announced by Prime Minister ASSOCHAM President Sunil Kanoria said, “The initiatives like 60-day interest waiver for farmers who have taken loans from district co-operative banks and primary societies together with additional fund of 20,000 crore given to NABARD to give loans to farmers would help in alleviating pains of farmers and rural class,”.
He further added that the schemes like interest subsidy on loans for low cost housing together with thrust to affordable housing would provide much needed help to economically weaker sections of society.
Expressing his satisfaction over the credit guarantee schemes for SME and MSME ASSOCHAM chief said that the new policy intervention would provide support to these sectors. He also suggested that government must ensure a perfect ecosystem for effective execution of the credit insurance programme so as to provide ease to banks and NBFCs.
Speaking on the existing tax regime Kanoria said that government should frame the comprehensive taxation policy so as to push the private investment. He urged government to reduce individual and corporate tax rates.