Terming demonetisation a historic decision by PM, Venkaiah Naidu indicates lower interest rate regime

Terming demonetisation of high value bills as a “historic decision” by Narendra Modi, Union minister M Venkaiah Naidu on Friday said the Prime Minister’s focus is to help the poor even as he indicated lower interest rate regime in future.

“The focus is...PM is very keen to help the poor that’s why interest rates also will come down,” the Information and Broadcasting Minister said here.

“Health, education, housing and agriculture are going to be the priorities for whatever savings we are going to get.  That is the priority of the Prime Minister. It’s a pro-poor and pro-farmer move aimed at uplifting the poorer sections of the country, and also by wiping out corruption the life will become comfortable for the people,” Venkaiah said. The BJP leader said he expects interest rates to come down.

“Definitely interest rates will come down. Once the tax net increases, the revenue will increase and once revenue increases, the tax rate will come down...crop insurance rate might also come down...That’s my expectation,” he said.

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Venkaiah reiterated that demonetisation exercise would cause some problem in the short-term but it will be useful for the country in long-term.

“It’s a short term pain for long term gain and it’s a bitter pill for long-term ill. Those people have created a parallel economy in the country and that’s why Prime Minister has taken a historic decision (by banning high-value currency notes),” he said.

The minister said the Central government has already taken several measures for the development of farmers and there is a chance to decrease the premium rate of crop insurance in near future and there is a possibility to decrease interest rates on housing and education loans.

After demonetisation, Rs 248 crores were collected as taxes in GHMC (Greater Hyderabad Municipal Corporation) within 15 days, Venkaiah said.

The Urban Development, Housing and Urban poverty alleviation earlier launched the “Swachh Survekshan 2017 and WOW Hyderabad” orientation programme jointly organised by the GHMC and ITC’s Wow (well being out of waste) at LB Stadium here. Stressing on the need for participation of people, Venkaiah said the change cannot be brought only through government.

“Participation of people is very important and their support is very much required for Swachh Bharath. GHMC with the partnership of ITC’s WoW, Hyderabad will also soon become a success story in waste segregation and management in the landscape of solid waste management in the country, he said.

He said the government should facilitate geo tag system and accessibility of mobile phones for GHMC workers. “Union government has taken three major policy steps for enhancing solid waste management in country. (A sum of) Rs 149.8 crore was released to Telangana state under Swachh Bharath Mission against the allocation of Rs 413.74 crore,” Venkaiah added.