Revealed! Modi government's plans to spur growth in India amid coronavirus crisis

Number of coronavirus cases in India is rising and this has affected the country's economy very badly. In this situation, Prime Minister Narendra Modi held a detailed meeting to discuss financial sector, structural and welfare measures to spur growth in India. Prime Minister held a meeting to discuss strategies to discuss interventions in the financial sector as well structural reforms to spur growth and welfare in the current context.

At a meeting with finance minister and other officials, PM discussed strategies and interventions to support MSMEs and farmers, enhance liquidity and strengthen credit flows.  PM also discussed ways and means to ensure financial stability in the wake of COVID-19 and measures taken to enable businesses to recover quickly from the impact.

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 due to disruptions caused by COVID-19. The Prime Minister also stressed on the need to strengthen major structural reforms undertaken in the past and new structural reforms in the areas of corporate governance, credit markets and infrastructure sectors were also discussed.

Moreover, Prime Minister emphasised on the need to take speedy measures to commence work on new infrastructure projects and speed up works in the infrastructure sector so as to make up for the time lost in 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.

It was also discussed that 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.