Modi launches property card scheme to aid rural households |
Indian Prime Minister Narendra Modi on 11th October launched a property card scheme and vowed that it would provide clarity of property rights in villages and enable farmers to use their property as collateral for loans from financial institutions. Two-thirds of India`s population lives in rural areas, where very few possess proper land records and property disputes are common. In a webcast speech while launching the physical distribution of property cards under the `SVAMITVA` (ownership) scheme, PM Modi said, "This is a historic effort towards rural transformation." He said the government plans to use drone technology to map land parcels in rural areas and cover some 620,000 villages over the next four years. The PM said, "Despite owning houses, people were facing multiple problems while borrowing from banks. These people can now borrow very easily from banks after showing property cards issued under the ownership scheme.” An initial batch of 100,000 people from over 750 villages across six states will begin to receive the digitised property cards this month. Each card will have a unique identity number similar to the Aadhaar card - the world`s biggest biometric identity project, covering more than a billion people in India. He added that the youth living in villages now can avail of bank loans against their properties to start out on their own, asserting it is necessary for a developing country like India to have clear land ownership rights.
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