The Hindu : Tamil Nadu / Chennai News : “Reduction in interest rates inadequate”

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Sunday, Dec 21, 2008
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“Reduction in interest rates inadequate”

Special Correspondent

CHENNAI: The Bharatiya Janata Party has termed “totally inadequate,” the reduction in interest rates on home loans.

Senior party leader M. Venkaiah Naidu told a press conference here that the move had no impact on the housing sector. “Where are houses available at a cost of Rs.20 lakh?” he asked. [Public sector banks early this week slashed the rates for new borrowers by capping them at 8.5 per cent for loans up to Rs.5 lakh and 9.25 per cent for loans between Rs.5 lakh and Rs.20 lakh] He recalled that during the regime of the BJP-led National Democratic Alliance, interest rates ranged between 6.75 per cent and 8.5 per cent.

Referring to reports that 15 lakh employees in the textile sector would lose jobs, Mr. Naidu said loss of livelihood opportunities and terrorism would be major issues during the Lok Sabha elections. He faulted the Centre for not investing enough on infrastructure. On anti-terror Bills approved by Parliament this week, he said the United Progressive Alliance government’s action was “too late and too little.”

He called upon Prime Minister Manmohan Singh to sack Union Minister for Minority Affairs A.R. Antulay immediately for his “irresponsible and anti-national” remarks on the circumstances leading to the death of three senior police officers during the Mumbai terror strikes last month.

Mr. Naidu said more than Mr Antulay, his (Mr. Naidu’s) objection was to the “deafening silence” maintained by Dr. Singh and Congress president Sonia Gandhi. The Congress should seek an explanation from Mr. Antulay.

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