Interacting with FICCI representatives on a web based seminar today, the Minister informed them about the various financial decisions taken by the government in this direction.
Union Minister Nitin Gadkari informed that RBI has allowed rescheduling of term loans and working capital facilities.
Speaking about the Micro, Small and Medium Enterprises, Union Minister said that Government is aware of their difficulties and realises their importance to the economy.
Talking about the importance of liquidity in the market, the Minister informed that he is striving to increase credit gaurantee to MSMEs to Rs Five lakh crore from the present level of about Rs one lakh crore wherein 75per cent of the advances granted by financial institutions are gauranteed by the under the Credit Gauranttee Scheme of the Govt.
The Union Minister also assured that the issues raised by the industry especially by MSMEs will be taken up discussed with relevant Ministries and Departments.
Dwelliing upon Road Sector, the minister said, the Highways construction which saw reaching record level in 2019-20, should increase pace by 2-3 times in coming years to meet growing needs of the infrastructure sector.
The Minister also said that India should convert this crisis into an opportunity, accelerate infrastructure projects and win this war against corona to achieve economic growth.
Union Minister added that bringing in Liquidity in the market is key at this time of crisis and to ensure that, NHAI has already started the process of settling all the pending claims and arbitration. The ministry had definitive plan to clear all legitimate claims more or less within 3 months.
Talking about the doubling the pace of road and highway construction for FY 20-21, Union Minister Nitin Gadkari mentioned that the ministry is working on a war footing and is committed to fight this battle and emerge victorious.
To kick start the path to recovery for Road sector, the ministry is open to re-start projects at various locations with the condition that adequate measures will be taken taken for safeguard against the spread of coronavirus.