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Saving lives, reviving economy: PM Modi’s road map for India post the lockdown

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New Delhi, May 01: A long lockdown comes to an end on May 3. While there is no clarity as yet as to what would open and what would remain closed, the Centre would begin focus on the revival of the economy.

Saving lives, reviving economy: PM Modi’s road map for India post the lockdown

Prime Minister Narendra Modi has been busy holding meetings on how to go forward post the 40 day lockdown. The PM's message is clear and that is the first preference must be given to the poor and vulnerable class of society.

PM Modi wants bailout package first for MSMEs, poor and the vulnerable

The government is expected to ramp up activity in Green Zones and allow the same partially in the Orange Zones. However strict restrictions would remain in place, especially in the Red and Containment Zones. There would be a clear emphasis on both reviving the economy, while also saving lives, officials say.

A lot of emphasis would be on the states in the post lockdown period. The Centre would only issue broad guidelines, but the finer aspects on how to exit the lockdown would depend on the states, an official tells OneIndia.

It is not a simple situation and the PM is well aware of it. However, he wants to ensure that all sectors are safeguarded, but also wants to prioritise the packages.

The PM said that there should be a more proactive approach to solve the problems of investors. They should get all possible help from the central and state governments.

Clearance should be done in a time bound manner, a statement from the Prime Minister's Office read.

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. During the meeting, the PM directed that the 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.

The focus would be on the MSMEs first rather than the corporate sector, government sources said. There have been several meetings headed by Prime Minister, Narendra Modi to discuss the issue and the consensus is that the package should first be released for the MSMEs rather than the corporate sector first.

While most ministries are urging for a larger package, the PM is of the view that the focus must first be on the MSME, financial sector, health care and the poor. The MSMEs have taken a big hit owing to the coronavirus lockdown. They have not benefited much from the first package announced by Finance Minister, Nirmala Sitharaman and also the announcements made by the RBI.

The government could provide a direct guarantee against fresh loans to the MSMEs. This would ensure that they can raise funds from banks to stay solvent. It may be recalled that MSME minister, Nitin Gadkari had hinted that there was a possibility of setting up a Rs 1 lakh crore revolving fund for the MSMEs.

Rs 10,000 crore funds in the offing for MSMEs says Gadkari

On the corporate sector, discussions would be held after the lockdown ends. It may be recalled that the corporate sector got benefits from the corporate tax cut in September 2019. The rates for domestic companies were reduced to 22 per cent from the earlier rate of 30 per cent.

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