PM directs ministries to handhold investors to boost economy

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SME Times News Bureau | 30 Apr, 2020
Prime Minister Narendra Modi on Thursday directed that measures should be taken to handhold investors by adopting a more proactive approach and ensuring all central and state clearances in a time-bound manner to boost the economy as the nation tackles the unprecedented COVID-19 crisis.

The direction is significant at a time when the economy is passing through its worst phase and there is a need to support investors.

The Prime Minister gave the instruction in a comprehensive meeting to discuss strategies to attract more foreign investments into India, as well as to promote local investments in order to give a boost to the economy against the backdrop of the pandemic induced lockdown.

It was discussed that a scheme should be developed to promote more plug and play infrastructure in the existing industrial lands, plots, estates in the country and provide necessary financing support.

Chairing the meeting, the Prime Minister directed that "action should be taken for a more proactive approach to handhold the investors, to look into their problems and help them in getting all the necessary central and state clearances in a time-bound manner".

Various strategies to bring investments into India in a fast-track mode and to promote Indian domestic sectors were also discussed in the meeting which was attended by Finance Minister Nirmala Sitharaman, Home Minister Amit Shah, Minister for Commerce and Industries Piyush Goyal, MoS Finance Anurag Thakur and senior officials.

Detailed discussions were held on guiding states to evolve their strategies and be more proactive in attracting investments.

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 which impede promotion of investment and industrial growth.

It was the first such meeting taken in perspective of investors since the nationwide lockdown was imposed with the March 24 announcement of the Prime Minister.

After the extension of the restrictions, the lockdown2.0 for another 19 days, government's focus is now to boost the economy along with following the restricts so that the novel coronavirus' effect continues to decrease and is contained. The second phase of the lockdown is scheduled to end on May 3.