The road transport, highways and MSME minister Nitin Gadkari has said that more liquidity needs to be pumped in the market to boost the coronavirus-hit economy. He also said states should come forward with Rs 20 lakh crore, while another Rs 10 lakh crore can be harnessed from public-private investment. He said these, including the Rs 20 lakh crore package announced by the Centre, would result in Rs 50 lakh crore liquidity in the market to battle the adverse impact of the novel coronavirus pandemic on the economy.
The minister further said that the country is facing serious problems, business are closed and unemployment is growing. He said ‘all sections of the society, whether migrants, media, business persons or employees, are facing problems, but ultimately we will win the economic war and the corona war.’ He added that efforts are on to develop vaccine for the coronavirus.
The government had announced Rs 20 lakh crore economic stimulus package, including Rs 8.01 lakh crore of liquidity measures announced by the Reserve Bank since March. The five-part stimulus package comprised Rs 5.94 lakh crore in the first tranche that provided credit line to small businesses, and support to shadow banks and electricity distribution companies. The second tranche included free foodgrain to the stranded migrant workers for two months and credit to farmers, totalling Rs 3.10 lakh crore. Spending on agriculture infrastructure and other measures for agriculture and allied sectors in the third tranche totalled to Rs 1.5 lakh crore.