Need to increase liquidity in market to accelerate the wheel of our economy: Nitin Gadkari

As the economy looks towards getting back on track in the Unlock-1 phase, Union Minister Nitin Gadkari stressed on the importance of increasing the liquidity in the market in order to accelerate growth. While addressing an event titled-- 'MSME and Infrastructure-Paving the growth path in the Post-COVID World event,' Gadkari said that while there were concerns regarding demand and supply and the banking system, the biggest challenge was to increase liquidity in the market. 

Read: Govt Mulling Making Large Firms Disclose MSME Dues: Nitin Gadkari

"I accept that there are problems - related with banks, with demand and supply, with liquidity. The most important problem in the present economic situation is liquidity. We need to increase liquidity in the market. Without that, we can't accelerate the wheel of our economy," said Nitin Gadkari.

"At the same time, we are facing an economic war. Not only India but the whole world is facing this problem. I feel that the way in which the whole world now has a lot of reaction about China..the whole world is now interested to find out some new option," he added.

Read: Smriti Irani Thanks Modi For Boost To MSME Industry, Says It'll Have Transformative Impact

Nitin Gadkari also revealed that the village industry had shown a massive turnover of Rs 88,000 crores till March-end and the Centre's next target was to make it Rs 5 lakh crores within two years. "Our highest priority is to create employment potential in agricultural, rural and tribal areas. I feel that India is definitely going to be a very good, viable option for all the investors in the world," said Gadkari during his brief on the role of MSMEs in a post COVID world.  

The Centre since the beginning of the lockdown period has been taking multiple steps to strengthen the MSME sector as well as to induce liquidity into the economy. In one of its major decisions for the MSME sector, the Centre on May 20, had approved to enable additional funding of up to Rs 3 lakh crore to eligible MSMEs and interested Micro Units Development and Refinance Agency Bank (MUDRA) borrowers.

Read: PSBs Sanction Loans Worth Rs 10,361 Crore To MSMEs Under ECLGS; Rs 3,892 Crore Disbursed

Read: PM Modi Launches CHAMPIONS Portal To Support The MSME Sector; Read Objectives Here

(With ANI Inputs; Image Credit-PTI)