"Bitter Medicine" of demonetisation to "treat" corruption: PM
Jhabua, Nov 20: Prime Minister Narendra Modi Tuesday said he used the "bitter medicine" of demonetisation to bring back money into banking system and to give "proper treatment to deep-rooted corruption system" in the country.
Addressing a poll rally here for the November 28 Assembly elections, Modi also said his government has so far disbursed loans to 14 crore people, "that too without guarantee", under the ambitious Pradhan Mantri Mudra Yojana.
"The amount of work we (BJP-led government) have done in four years, Congress would be able to do it in 10 years," Modi said.
"Remember the time when Congress was in power here in Madhya Pradesh, what was the condition of people? Madhya Pradesh does not deserve a government which never thinks about the state's welfare," Modi said, targeting the Congress party.
Modi said that during the Congress' 55 year rule in Madhya Pradesh, 1,500 schools were made, but Chief Minister Shivraj Singh Chouhan established 4,000 schools in the state in just 15 years.
"Our mantra is to provide education to boys and girls, income for youth, irrigation facility to farmers and medicines to elders," Modi said.
Modi said the Congress promised to waive farmers' loans in Karnataka, but instead of doing so, issued warrants against peasants and sent them to jail.
"My government is aiming to double farmers' income by 2022," the prime minister said.
On 'housing for all', Modi said, "My dream is to provide 'pucca' houses to everyone in the country by 2022. We have so far given keys of such houses to 1.25 crore people".
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Rupee trades in narrow range against US dollar in early trade
Mumbai (PTI): The rupee traded in a narrow range against the US dollar in early trade on Thursday as the support from fresh foreign fund inflows was negated by trade deal uncertainty and risk-off sentiment.
Forex traders said lack of progress in the India-US trade negotiations and strong dollar demand from corporates and importers weighed on the local unit, even as Brent crude prices hovering near USD 60 per barrel supported investor sentiment.
At the interbank foreign exchange market, the rupee opened at 90.35 against the US dollar, then gained some ground and touched 90.32 against the US dollar. In initial trade it also touched 90.38 against the American currency.
ALSO READ:Rupee sees high volatility against US dollar in early trade
On Wednesday, the rupee recovered 55 paise from its all-time low level to close at 90.38 against the greenback.
"The PSU banks were the sellers of dollars on Wednesday on behalf of the RBI. The intervention amount could have been as high as USD 6 billion," said Anil Kumar Bhansali, Head of Treasury and Executive Director Finrex Treasury Advisors LLP.
"We expect the range of 90 to 91.00 on Thursday with 90.25 as support and 90.75 as resistance," Bhansali added.
Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.05 per cent higher at 98.41.
Brent crude, the global oil benchmark, was trading higher by 0.67 per cent at USD 60.08 per barrel in futures trade.
On the domestic equity market front, the 30-share benchmark index Sensex was trading 114.06 points lower at 84,445.59, while the Nifty was down 41.10 points at 25,777.45.
Foreign Institutional Investors purchased equities worth Rs 1,171.71 crore on Wednesday, according to exchange data.
