Covid-19: PM stresses on need for reforms, help to businesses

Photo: ANI
Photo: ANI

NEW DELHI: Prime Minister Narendra Modi emphasised, in a meeting with finance minister Nirmala Sitharaman, the need to aid businesses, expedite infrastructure projects and ensure financial stability and liquidity as India sees gradual lifting of the national lockdown, an official statement said late on Saturday night.
Modi and Sitharaman discussed interventions needed in the financial sector and structural reforms to spur growth as restrictions on movement and commerce imposed since 25 March are being gradually lifted. Modi discussed strategies to support micro, small and medium enterprises (MSMEs) and farmers as well as ways to boost liquidity and credit flows. Financial stability and steps needed to help businesses recover quickly from the coronavirus impact were highlights of the discussions.
“The reform initiatives undertaken by the various ministries should continue unabated and action should be taken in a time bound manner to remove any obstacles to investment flows and capital formation," the statement said, quoting Modi.
Modi pointed out the need to generate gainful employment opportunities by helping businesses overcome difficulties due to disruptions caused by covid-19, said the statement.
Modi has been holding discussions with officials and cabinet members on key sectors of the economy including agriculture, power and aviation so that major reform measures and big state-run projects take off as soon as possible.
“The Prime Minister also stressed on the need to strengthen major structural reforms undertaken in the past and new ones in the areas of corporate governance, credit markets and infrastructure sectors," the statement said.
On Friday, Modi had asked officials to expedite privatisation of six more airports to bring efficiency in air travel and to help generate revenue to the exchequer.
Modi wants the projects taken up under the national infrastructure pipeline to be reviewed at the highest level frequently to avoid time delays. In a separate meeting on agriculture, Modi discussed reforms in farm produce marketing, management of marketable surplus, access of farmers to institutional credit and freeing agriculture sector of various restrictions.

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