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Title : Need to provide financial assistance for establishment of Financial Services Cluster in Tamil Nadu.
SHRI A.K.S. VIJAYAN (NAGAPATTINAM): In Tamil Nadu, efforts are on to establish a financial services cluster as a vast complex to accommodate banking, insurance and stock brokering operations in a single venue. This proposal under the aegis of the Government of Tamil Nadu shall involve financial institutions that come under the Union Government too. While evincing interest in this novel venture in consultation with the State authorities, the Union Government may also go in for operating its offices pertaining to the Departments of Income Tax, Customs and Excise as per the plan envisaged in this era of Economic reforms. While making this prayer to the Union Ministry of Finance, I would like to request the Central Government to consider bringing down the interest rate on the farm credit to 4 per cent from the existing 7 per cent. One per cent relief has been announced by the Centre for the farmers who pay back the loan in time whereas the Government of Tamil Nadu extends an interest waiver for those who pay back in time when the rate of interest remains just 4 per cent. In the mean time when the Centre considers to bring down the rate of interest it has announced on farm credit, it may come forward to provide the Government of Tamil Nadu with financial assistance for taking up this considerate measure in the interest of helping the farmers and boosting agricultural growth.