Budget favours commoners: BJP leader Madhavaram Kantha Rao

Kukatpally: Medchal district BJP president Madhavaram Kantha Rao Sunday claimed that the Union budget proposals were in favour of commoners. Addressing a press conference here, Rao stated that the budget had good news for bank depositors, as the insurance cover for them has been increased from Rs 1 lakh to Rs 5 lakh. He said by extending the loan restoration period to 2021 for small and medium industries would benefit five lakh units.

The BJP leader hailed Finance Minister Nirmala Sitharaman's proposals to allocate Rs 3.5 lakh crore to strengthen the banking sector and setting apart Rs 4,400 crore for plantation of saplings in cities for ensuring clean air and provision of incentives to encourage exports, besides giving ample opportunities for youth and making investments in industries.