PM informed all ministries to continue with reform initiatives also relaxation in investment flows and capital formation

NEW DELHI: Prime Minister Narendra Modi on Saturday discussed possible interventions in the financial sector, along with ways to support small businesses, farmers and enhance liquidity and provide higher credit.
During the discussions with Home Minister Amit Shah, Finance Minister Nirmala Sitharaman and her team of officers, Modi also sought speedy measures to commence work on new infrastructure projects and speed up other works to make up for the time lost due to Covid-19. “He wanted the projects taken up under the National Infrastructure Pipeline be reviewed at the highest level frequently so as to avoid time delays and enable creation of jobs,” an official statement said.
The government has already announced an infrastructure pipeline with projects that together cost over Rs 100 lakh crore and the PM’s thrust on road, rail, port and airport projects signal the need to focus on them as they will not just create jobs for millions of ‘out of job’ workers but also generate demand for cement, steel and other inputs.
The meeting comes ahead of an expected stimulus package, which has been in the works for the last few weeks. There are expectations that it could be announced over the next few days to ensure that businesses do not crumble for want of cash and are able to pay salaries and meet other payment obligations at a time when revenue flow has dried up in the absence of sales.
“Dwelling on the issue of welfare of workers and the common man, the PM pointed out the need to generate gainful employment opportunities by helping businesses overcome difficulties due to disruptions caused by Covid-19,” the release said.
The discussions focused on financial stability and the need to ensure that businesses can quickly overcome difficulties that they have faced due to Covid-19.
While seeking structural reforms, the PM also said ministries should continue with their reform initiatives and remove obstacles to investment flows and capital formation, the statement said.