Prime Minister Narendra Modi held a meeting to discuss strategies to restart the economy and initiate structural reforms in the MSME (Ministry of Micro, Small and Medium Enterprises) sector to spur growth in the wake of coronavirus pandemic. He discussed strategies to support MSMEs and farmers by enhancing liquidity and strengthening credit flows and talked about ways to ensure financial stability to enable businesses severely hit by the nation-wide lockdown.
The meeting was held with Finance Minister Nirmala Sitharaman, Home Minister Amit Shah, secretaries of the Ministry of Finance and other top officials. The key meeting was held a day before the second phase of lockdown ends on Sunday. The Centre has already extended the lockdown by two more weeks while giving some relaxations in red, orange and green zones.
PM Modi pointed out the need to generate gainful employment opportunities by helping businesses overcome difficulties due to disruptions caused by COVID-19.
He stressed on the need to strengthen major structural reforms undertaken in the past and new structural reforms in corporate governance, credit markets and infrastructure sectors were also discussed, a government statement said.
The PM also stressed the need to take speedy measures to commence work on new infrastructure projects and initiate speedy work in the infrastructure sector to make up for the time lost in COVID-19. Modi has said the projects taken up under the National Infrastructure Pipeline should be reviewed at the highest level frequently to avoid time delays and enable jobs creation.
PM Modi also discussed the reform initiatives undertaken by various ministries. He said that they continue unabated and action should be taken in a time-bound manner to remove obstacles in investment flows and capital formation.
Meanwhile, over 2,293 new novel coronavirus cases and 71 deaths were reported in India in the last 24 hours. The country's total number of COVID-19 cases now stands at 37,776, including 26,535 active cases, 10,017 recoveries, 1 migrated and 1,223 deaths, the Union Ministry of Health data says.