Express Expressions with Union Minister Nitin Gadkari | ' Rs 50 lakh crore needed to revive economy'

NEW DELHI: Union Minister Nitin Gadkari on Tuesday said the country needs Rs 50 lakh crore to revive the economy. “The economy is in serious problem so is unemployment. Businesses have been closed for two-three months. Everyone is in problems.

We need more liquidity in the market to tide over this. The Centre’s package of Rs 20 lakh crore, another Rs 20 lakh crore from the states coupled with Rs 10 lakh crore from public-private investments will be important to get the wheels of the economy rolling,” he said.

Speaking on the Micro, Small and Medium Enterprises (MSMEs), a portfolio that he holds, Gadkari said banks are helping increase the working capital limit. “Over six lakh MSMEs have been restricted will March and we are looking to restructure 25 lakh more MSMEs by the end of the year,” the minister said.

Gadkari said as the per government directions, all central government entities, PSUs and private companies have been told to clear the dues of the MSMEs within 45 days.

“I have urged the states also to do the same,” he said, adding that there was a software developed to keep a track of all the applications coming to banks to ease the hurdles and reduce pendency of applications.

Speaking on the challenges ahead of the pandemic, Gadkari said the revival of the economy was the biggest challenge. “The economic war is complicated. We will try our best to bring the GDP to 2-3 per cent growth. A negative GDP will be a problem. For this, we need more liquidity in the market, more spending capacity of consumers to increase supply-demand change. Businesses need to be accelerated with more foreign investments and PPP kits. I am confident there will be a positive change in one year,” he said.

Saying that communism and socialism are not answers to India’s problems, he said: “Gaon, gareeb, mazdoor, kisan with liberal value-based education should be our motto. Some thoughts of Mahatma Gandhi, some of Ram Manohar Lohia and some from Pandit Deen Dayal Upadhyay should be acted upon. We can become a superpower and show the world a new path of development,” he said.

On the labour reforms being introduced in states, Gadkari said the new laws would be applicable only for new ventures and there would be no change in the existing ones. Gadkari said it was important for us to build confidence and bring positivity into the minds of migrant workers.

“It is important we build trust. It was fear that made them start walking long distances,” he said.
On the Covid-19, Gadkari said it was a lab-made virus and not natural. “The art of living with corona is needed for Indian society. It is time for the country to change its attitude and think beyond class, creed, sex, religion and politics. This is the time to unite,” he said.

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