Tuesday, 11 August 2020

PM Modi held meeting to discuss  the situation of financial sector 

Updated: May 3, 2020 11:01 am
Prime Minister Narendra Modi yesterday held an important meeting to discuss financial sector, structural and welfare measures to spur growth in India. At a meeting with Finance Minister Nirmala Sitharaman and officials, Mr Modi discussed strategies and interventions to support Ministry of Micro, Small and Medium Enterprises, MSMEs and farmers, enhance liquidity and to strengthen credit flows. The Prime Minister 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.

Dwelling on the issue of welfare of workers and the common man, Mr Modi pointed out the need to generate gainful employment opportunities by helping businesses to overcome difficulties due to disruptions caused by COVID-19.

During the meeting, he 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.

The Prime Minister emphasized 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.

The meeting was attended by the Home Minister, Secretaries of the Ministry of Finance along with senior officials of the Government.

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