PM Modi announces sops for traders! Rs 50 lakh loan, credit cards, pension, if NDA re-elected

PM Modi was addressing a crowd of thousands belonging to the business community during the National Traders’ Convention at Talkatora stadium in New Delhi.

Prime Minister Narendra Modi (Image: Getty)

GST has helped in bringing transparency in businesses, PM Modi said

PM was addressing a crowd of thousands belonging to the business community

PM Modi said Congress has abused businessmen by calling all of them 'chor'

Lok Sabha Elections 2019: Prime Minister Narendra Modi on Friday said that over the past five years, his government has scrapped as many as 1,500 rules in order to improve ease of doing business in the country. While addressing a crowd of thousands belonging to the business community during the National Traders’ Convention at Talkatora stadium in the national capital, PM Modi boasted that the implementation of the goods and services tax (GST) has helped in bringing transparency in businesses. “BJP-led NDA government in the last five years at the Centre worked to simplify lives and businesses of traders by scraping 1,500 archaic laws, simplifying processes and providing easy credit,” the PM said. Traders are the ‘backbone’ of the Indian economy but had in past never got the respect they deserved, Modi said, adding that doubling the size 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,” he said. Further taking a pod shot at Congress party, PM Modi said that while his government has stood by traders in thick and thin, the opposition Congress has abused businessmen by calling all of them 'chor' (thieves). Announcing perks for traders if his party is voted to power, PM Modi promised traders Rs 50-lakh loan without any collateral, credit card facility and a pension scheme for small shopkeepers. With a household audience, the prime minister said the trading community is like weather forecaster who can anticipate future tidings. Stating that Mahatma Gandhi too came from businessmen community of banias, he said the country has seen the "insults" meted out by the Congress to traders. After being re-elected, he said, his government will set up a National Traders' Welfare Board, bring trader credit cards and a pension scheme for small shopkeepers. “I do not say there may have not been mistakes (in implementing GST) but we have quickly addressed any anomalies based on suggestions from traders,” the Prime Minister added further. 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. PM Modi also stressed that his government is striving to improve the tax processes and structure. In its election manifesto, PM Modi-led Bharatiya Janata Party (BJP) has promised to double exports, improve infrastructure and improve ease of doing business.

Published at : 19 Apr 2019 08:52 PM (IST)

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