'New economic measures by FM will boost production, generate employment', says PM Modi

Prime Minister Narendra Modi on Monday lauded the economic measures announced by Finance Minister Nirmala Sitharaman and said the steps will help stimulate economic activities, boost production and exports, and generate employment.

Addressing a press conference earlier in the day, FM Sitharaman announced several measures to help revive the economy following the second wave of the pandemic. The Ministry announced a Rs 1.1 lakh crore loan guarantee scheme for COVID-hit sectors, up to Rs 100 crore loan at 7.95% to the health sector and Rs 1.25 lakh loan to 25 lakh 'stressed' borrowers at lower interest rates to help the MSMEs.

In a series of tweets, PM Modi said the decisions will enhance public health facilities, especially in under-served areas, boost private investment in medical infrastructure and augment critical human resources.

The Prime Minister noted that the government's focus is on strengthening healthcare facilities for children, helping farmers with multiple initiatives that will reduce their costs, increase incomes and support greater resilience and sustainability of agricultural activities.

He said more support has been announced for small entrepreneurs and self-employed persons to enable them to not only sustain their business activities but also expand them further. Several initiatives, including financial assistance, are being taken to help those linked with tourism, he added.

"Result linked Power Distribution Scheme and streamlined processes for PPP projects and Asset Monetisation demonstrates our Government's continuing commitment to reforms," said PM Modi.

New Economic Relief Measures

To help revive the economy battered by the COVID-19 pandemic, Fm Nirmala Sitharaman announced a slew of measures including a Rs 1.1 lakh crore credit guarantee scheme for improving health infrastructure and enhancing the limit under the ECLGS by 50% to Rs 4.5 lakh crore for the MSME sector which is facing a liquidity crunch. Sharing details of the stimulus package, the finance minister said it comprises eight relief measures and another eight steps to support economic growth.