Terming the steps announced by Prime Minister Narendra Modi in his address to the nation on New Year's Eve as ‘extremely positive for the Indian economy,' apex industry body ASSOCHAM said that the focus should now be on effective implementation of these schemes to drive economic growth.

"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," said ASSOCHAM President Sunil Kanoria.

He also said that schemes like interest subsidy on loans for low cost housing together with impetus to affordable housing will provide much needed help to vulnerable sections of society and revive consumer confidence amid largest, but poorest socio-economic group.

(Continued on the next page)