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 financial sector to spur growth and welfare in current context. At a meeting with Finance Minister and officials, PM Modi discussed strategies and interventions to support MSMEs and farmers, enhance liquidity, and strengn credit flows.

PM discussed ways to ensure financial stability

PM also discussed ways and means to ensure financial stability in wake of COVID-19 and measures taken to enable businesses to recover quickly from impacts, according to an official release. Dwelling on issue of welfare of workers and common man, Prime Minister pointed out need to generate gainful employment opportunities by helping businesses overcome difficulties due to disruptions caused by COVID-19.

Prime Minister also stressed on need to strengn major structural reforms undertaken in past and new structural reforms in areas of corporate governance, credit markets, and infrastructure sectors were also discussed. 

PM Modi stressed need to take speedy measures to commence work on new infrastructure projects and speed up works in infrastructure sector so as to make up for time lost in COVID-19. He wanted projects taken up under National Infrastructure Pipeline be reviewed at highest level frequently so as to avoid time delays and enable creation of jobs. 

It was also discussed that reform initiatives undertaken by 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. meeting was attended by Home Minister Amit Shah, Finance Minister Nirmala Sitharaman, Secretaries of Ministry of Finance along with senior officials of Government of India.

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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 pack will be worked out.

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

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(With ncy inputs)