PM Modi holds key meet to address issues in financial sector; welfare measures discussed

Amid COVID-19 induced lockdown, Prime Minister Narendra Modi on Saturday held a meeting to discuss strategies as well as structural reforms in the financial sector to spur growth and welfare in the current context. At a meeting with Finance Minister and officials, PM Modi discussed strategies and interventions to support MSMEs and farmers, enhance liquidity, and strengthen credit flows.

PM discussed ways to ensure financial stability

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 impacts, according to an official release. Dwelling on the issue of welfare of workers and the common man, Prime Minister 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. 

PM Modi stressed 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 the creation of jobs. 

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. The meeting was attended by the Home Minister Amit Shah, Finance Minister Nirmala Sitharaman, Secretaries of the Ministry of Finance along with senior officials of the Government of India.

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The Prime Minister, since Thursday, has been reviewing various sectors including defence, civil aviation, power, education, labour and mines and minerals. According to sources, after a detailed review of every sector, a relief and stimulus package will be worked out.

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To mitigate hardships faced by the bottom of the pyramid, the government in late March had announced a Rs 1.7 lakh crore stimulus package comprising free foodgrains and cooking gas to poor and cash doles to poor women and the elderly.

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(With agency inputs)