Indian economy to get another booster shot from Modi government? What we know so far

Indian economy may soon get another booster dose from Modi government amid ongoing coronavirus crisis. According to Union Minister Nitin Gadkari, Modi government is seriously considering unveiling financial packages, to the extent possible, to support sectors facing distress and a decision in this regard will be taken at the Prime Minister's level.

Interacting with real estate body Nardeco via video conferencing, the MSME and Road Transport and Highways said minister, "I have also given suggestions from my department but a final decision will be taken by the Prime Minister and the Finance Minister". Gadkari said the decisions taken will gradually be shared in the public domain, adding that the government was standing firmly behind the industry.

"The government of India is thinking on various lines. Whatever is possible - giving packages to the extent possible to support all sectors, serious consideration is on in this regard and decisions will be taken at the level of the Prime Minister," said the minister.

Besides, Gadkari said the government was thinking of formulating a separate policy for agricultural micro, small and medium enterprises (MSMEs). Referring to the concept of agro MSMEs, he called upon the industry to explore possibilities related to agriculture.

Besides, Gadkari reiterated that India should look to take advantage economically of the global "hatred" against China by increasing exports and enhancing its growth rate.

Referring to the problems being faced by the real estate sector, Gadkari said the government wants to support the sector and is trying its level best to find some solution, but the fact remains that the sector is still facing problems. He asked stakeholders from the real estate sector to approach the finance ministry, ministry of housing and urban development and the Prime Minister's Office with their suggestions in this regard.