Modi stresses on support for MSMEs and farmers
Prime Minister Narendra Modi has stressed the need to take speedy measures to commence work on new development projects and speed up works in the infrastructure sector so as to make up for the time lost in COVID-19.
He has also called for a frequent review of projects under the National Infrastructure Pipeline to avoid time delays and create jobs.
The Prime Minister held a meeting with Finance Minister Nirmala Sitharaman and Ministry officials on 2 May 2020.
He discussed strategies and interventions to support MSMEs and farmers, enhance liquidity and strengthen credit flows.
Modi underlined 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.
Also discussed was strategies for interventions in the financial sector as well structural reforms to spur growth and welfare in the current context.
He wants 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, Modi pointed out the need to generate gainful employment opportunities by helping businesses overcome difficulties due to disruptions caused by COVID-19.
Various Ministries were directed to continue reform initiatives and take action in a time bound manner to remove any obstacles to investment flows and capital formation.
In a follow up meeting with agriculture sector, the Prime Minister emphasized on reforms in agriculture marketing, management of marketable surplus, access of farmers to institutional credit and freeing agriculture sector of various restrictions with appropriate backing of statute.
He called for focus on making strategic interventions in the existing marketing eco-system and bringing appropriate reforms in the context of rapid agricultural development.
Among important areas covered during the meeting were concessional credit flow to strengthen agriculture infrastructure, special Kisan Credit Card saturation drive for PM-Kisan beneficiaries and facilitating inter and intra-state trade of agriculture produce to ensure fairest return to farmer.
Also discussed was developing e-NAM into a platform of platforms to enable e-commerce.
In a bid to infuse capital and technology in agrarian economy, the possibilities of uniform statutory framework in the country was discussed.
The pros and cons of bio-technological developments in crops or enhancement of productivity and reduction in input costs was also deliberated.
The challenges of model land leasing act and how to protect the interest of small and marginal farmers was discussed in detail.
The Prime Minister’s meeting also deliberated how it is pertinent to make Essential Commodities Act compatible with present times so that large scale private investment in post-production agriculture infrastructure is incentivized and also has a positive effect on commodity derivative markets.
Developing Brand India, creation of commodity specific Boards, Councils and promotion of Agri-Clusters and Contract Farming were some of the interventions that were deliberated to boost Agriculture commodity export.
Modi emphasized the use of technology in the agriculture sector as it has the potential to unlock the entire value chain for the benefit of farmers.
He called for dissemination of technology till the last mile and making Indian farmers more competitive in the global value chain.
It was decided to further strengthen the role of FPOs to bring vibrancy in agrarian economy, transparency in agriculture trade and enable maximum benefits to the farmers.
Overall emphasis was on revisiting the existing laws governing market for better price realization and freedom of choice to the farmers. fiinews.com
