Across the globe economic activities have witnessed major slowdown due to COVID-19 Pandemic. A real-time monitoring of health situations, as well as financial and business developments, are kept at top priorities. In order to get a real-time update on financial issues and contemporary trends in the times of COVID-19, Prime Minister Mr. Narendra Modi held a meeting to discuss strategies to discuss interventions in the financial sector as well as structural reforms to spur growth and welfare in the current context.
At a meeting with Finance Minister and officials, PM discussed strategies and interventions to support MSMEs and farmers, enhance liquidity and strengthen credit flows. 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.
Dwelling on the issue of welfare of workers and the common man, PM 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.
Prime Minister 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 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, Finance Minister, Secretaries of the Ministry of Finance along with senior officials of the Government of India.