No More Delays, More Focus on Reforms, Gainful Employment: PM Modi’s 3-Point Plan to Revive Economy

New Delhi: In a series of meetings with ministers and several key officials on Saturday, Prime Minister Narendra Modi has urged to focus more on new structural reforms to revive the economy reeling under the impact of the lockdown, necessitated by the coronavirus pandemic. There is a need to expedite work on infrastructure projects, the PM said. Also Read – ‘I Have Huge Faith in ECB Medical Team’: Stuart Broad Says He’ll Play if Cricket Board Deems it Safe

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According to reports, PM Modi wanted the projects taken up under the National Infrastructure Pipeline (NIP) be reviewed at the highest level frequently to avoid time delays and enable the creation of jobs. The task force on NIP has recently submitted a report which projected a staggering Rs 111 lakh crore investment in the infrastructure sector by 2024-25. Also Read – 10,000 Recovered in India, Though Single-Day Jump in Cases Makes Record | 10 Points

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

Enhance liquidity and credit force for MSME

At a meeting with the finance minister and officials, the prime minister discussed strategies and interventions to support MSMEs and farmers, enhance liquidity and strengthen credit flows. PM Modi 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 impacts.

Earlier in the day, MSME Minister Nitin Gadkari said that his ministry has suggested a relief package to the prime minister and the finance minister for the medium, small and micro sector and exuded confidence that an announcement would be made soon.

Uniform statutory framework for farming

During another meeting concerning the farm sector, various reforms in agriculture marketing, management of marketable surplus, access of farmers to institutional credit and freeing the agriculture sector of various restrictions with appropriate backing of the statute were discussed.

A discussion also emanated on the possibilities of the uniform statutory framework in the country to facilitate new ways for farming which will infuse capital and technology in the agrarian economy, it said, adding, the pros and cons of biotechnological developments in crops or enhancement of productivity and reduction in input costs were also deliberated.

After a detailed review of every sector, a relief and stimulus package will be worked out, sources said.

(With PTI Inputs)