PM Narendra Modi promises collateral free loans, insurance and pension in re-elections

New Delhi : In a strong re-election pitch to the business community, Prime Minister Narendra Modi promised a collateral-free loan of up to Rs 50 lakhs, Rs 10-lakh accidental insurance to GST-registered entities, credit card facility for traders, a pension scheme for small shopkeepers and a new retail policy.

Addressing a business convention, PM Modi said Opposition Congress has abused all businessmen by tagging them as 'chor' (Thieves).

He also claimed that the Bharatiya Janata Party had always stood with the traders during thick and thin; and it will continue to be the same upon re-election.

"They called all businessmen chor (thieves) without realising the contribution of the business community in the economy, he said. "Congress' naamdaars (dynasts) cannot see anything but themselves. Gandhiji used to proudly proclaim himself as a Baniya, yet Congress abuses all businessmen, calls them chor (thieves). Today's Congress is neither aware of history nor the ground reality. Congress' naamdaars are unaware of the traders' contribution towards the country's development."

PM Modi also talked about how his government scrapped 1,500 archaic laws, simplifying processes and providing easy credit.

Traders are the "backbone" of the Indian economy but had in past never got the respect they deserved, he said adding doubling the side 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."