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Need to speed up work on infra to make up for time lost on Covid-19: PM Modi

Our Bureau New Delhi | Updated on May 03, 2020 Published on May 03, 2020

Prime Minister Narendra Modi   -  PTI

Modi holds meet to strengthen MSME sector; discusses financial sector, structural and welfare measures to spur growth

Prime Minister Narendra Modi has stressed the need to take speedy measures to commence work on new infrastructure projects and speed up works in the infra sector to make up for the time lost on Covid-19.

Projects taken up under the National Infrastructure Pipeline must be reviewed at the highest level frequently so as to avoid time delays and enable creation of jobs, Modi said at a meeting with the Finance Minister and senior officials here on Saturday.

The meeting was held to discuss interventions in the financial sector as well structural reforms to spur growth and welfare in the current context.

It comes at a time when the government is expected to roll out one more “stimulus package” to help the economy become self-reliant and turn the Covid-19-induced crisis into an opportunity. Indian economy has been hit hard by the nationwide lockdown.

The government on Friday announced gradual lifting of the lockdown over two weeks starting from May 4 even while continuing the restrictions in the red zones of the country.

Structural reforms

Meanwhile, at the Saturday meeting, the Prime Minister discussed new structural reforms in the areas of corporate governance, credit markets and infrastructure sectors besides underscoring the need to strengthen major structural reforms undertaken in the past, an official release said.

Modi also discussed strategies and interventions to support MSMEs and farmers, enhance liquidity and strengthen credit flows. He also discussed ways and means to ensure financial stability in the wake of Covid-19 and measures taken to enable businesses to recover quickly, the release added.

Dwelling on the issue of welfare of workers and the common man, PM pointed out the need to generate gainful employment opportunities by helping businesses overcome difficulties caused by Covid-19.

It was also felt that the reform initiatives undertaken by the various ministries should continue and action should be taken in a time-bound manner to remove obstacles to investment flows and capital formation.

The meeting was attended by the Home Minister, Finance Minister, Secretaries of the Ministry of Finance along with other senior officials of the government.

Published on May 03, 2020
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