India needs foreign direct investments worth Rs 50 to 60 lakh crore and the money can be tapped mainly through infrastructure projects as well as MSME sector to accelerate the wheels of coronavirus-hit economy, according to Union minister Nitin Gadkari.

Emphasising that at this juncture Foreign Direct Investment (FDI) is the need of the hour, the senior minister said such funds would benefit the country as there is a need for pumping in liquidity into the market.

Economic activities have been significantly disrupted in the wake of the pandemic and subsequent lockdowns that were in place to curb spreading of infections.

"Country at this juncture needs liquidity. Without liquidity our economy's wheel will not accelerate... Rs 50-60 lakh crore foreign investment is needed in the country under present circumstances to boost the economy," the Road Transport, Highways and MSME Minister said.

Infrastructure sector including highways, airports, inland waterways, railways, logistic parks, broad gauge and metro, apart from Micro, Small and Medium Enterprises (MSMEs) can attract large scale foreign investment, he noted.

"FDI in MSME, Non-Banking Financial Companies (NBFCs) and banks are needed... In the highways sector, we are trying to bring foreign investment," he said.

Gadkari further said that talks are on with investors from Dubai and the US for various sectors, including MSMEs.

"Some MSMEs are already listed on the BSE. I have talked to investors in Dubai and the US to come and invest in such MSMEs based on their three-year turnover, GST track record, IT record and good rating. Investing in these can result in rich dividends as these do exports also," he said.

"We need to boost our technology for increasing growth and need to focus on enhancing exports. The Prime Minister's thrust is also on reducing dependence on imports and boosting exports. In this infrastructure can play a crucial role," he said.

While noting that the present situation is very serious as the entire world is facing problems, Gadkari stressed on the need to work on a war-footing basis on infrastructure front.

Further, the minister noted that public private partnerships can help harness huge funds and would have a cascading impact by generating more employment and boosting the economy.

Besides, the minister said that 22 green highways were being build, including the Rs 1 lakh crore Delhi-Mumbai Expressway on a new alignment.

Citing the example of Delhi-Mumbai Expressway, he said talks were on with the Maharashtra government to shift about 1.5 lakh leather workers to Thane in a proposed leather cluster along the highway which will have the most modern facilities including schools and hospitals besides affordable housing under Pradhan Mantri Awas Yojana.

"The development of backward area will alleviate poverty and accelerate development. Socio-economic thought is behind this," he said.

The Centre has announced Rs 20 lakh crore economic stimulus package, including Rs 8.01 lakh crore of liquidity measures announced by the Reserve Bank since March.

On Tuesday, Prime Minister Narendra Modi announced that the Pradhan Mantri Garib Kalyan Ann Yojana (PMGKAY), a free ration scheme, would be extended for 80 crore people till the November end.

India needs foreign direct investments worth Rs 50 to 60 lakh crore and the money can be tapped mainly through infrastructure projects as well as MSME sector to accelerate the wheels of coronavirus-hit economy, according to Union minister Nitin Gadkari.

India needs foreign direct investments worth Rs 50 to 60 lakh crore and the money can be tapped mainly through infrastructure projects as well as MSME sector to accelerate the wheels of coronavirus-hit economy, according to Union minister Nitin Gadkari. Emphasising that at this juncture Foreign Direct Investment (FDI) is the need of the hour, the senior minister said such funds would benefit the country as there is a need for pumping in liquidity into the market. Economic activities have been significantly disrupted in the wake of the pandemic and subsequent lockdowns that were in place to curb spreading of infections. "Country at this juncture needs liquidity. Without liquidity our economy's wheel will not accelerate... Rs 50-60 lakh crore foreign investment is needed in the country under present circumstances to boost the economy," the Road Transport, Highways and MSME Minister said. Infrastructure sector including highways, airports, inland waterways, railways, logistic parks, broad gauge and metro, apart from Micro, Small and Medium Enterprises (MSMEs) can attract large scale foreign investment, he noted. "FDI in MSME, Non-Banking Financial Companies (NBFCs) and banks are needed... In the highways sector, we are trying to bring foreign investment," he said. Gadkari further said that talks are on with investors from Dubai and the US for various sectors, including MSMEs. "Some MSMEs are already listed on the BSE. I have talked to investors in Dubai and the US to come and invest in such MSMEs based on their three-year turnover, GST track record, IT record and good rating. Investing in these can result in rich dividends as these do exports also," he said. "We need to boost our technology for increasing growth and need to focus on enhancing exports. The Prime Minister's thrust is also on reducing dependence on imports and boosting exports. In this infrastructure can play a crucial role," he said. While noting that the present situation is very serious as the entire world is facing problems, Gadkari stressed on the need to work on a war-footing basis on infrastructure front. Further, the minister noted that public private partnerships can help harness huge funds and would have a cascading impact by generating more employment and boosting the economy. Besides, the minister said that 22 green highways were being build, including the Rs 1 lakh crore Delhi-Mumbai Expressway on a new alignment. Citing the example of Delhi-Mumbai Expressway, he said talks were on with the Maharashtra government to shift about 1.5 lakh leather workers to Thane in a proposed leather cluster along the highway which will have the most modern facilities including schools and hospitals besides affordable housing under Pradhan Mantri Awas Yojana. "The development of backward area will alleviate poverty and accelerate development. Socio-economic thought is behind this," he said. The Centre has announced Rs 20 lakh crore economic stimulus package, including Rs 8.01 lakh crore of liquidity measures announced by the Reserve Bank since March. On Tuesday, Prime Minister Narendra Modi announced that the Pradhan Mantri Garib Kalyan Ann Yojana (PMGKAY), a free ration scheme, would be extended for 80 crore people till the November end.

India needs FDI investments worth Rs 50 to 60 lakh crore: Gadkari

Transport minister Nitin Gadkari said today that the cabinet has approved the road map for implementing two packages for MSMEs which includes Rs 20,000 crore package for distressed <a href="https://www.wionews.com/business-economy/government-changes-definition-of-msmes-pm-modi-says-will-empower-entrepreneurs-298496">MSMEs</a> and Rs 50,000 crore equity infusion through Fund of Funds.

Watch Video:

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/indian-government-outlines-economy-rivival-plan-big-relief-for-msmes-298511/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

Prakash Javadekar said that the cabinet has approved Rs 20,000 crore subordinate debt for stressed MSMEs which will benefit 2 lakh stressed MSMEs.

"The turnover limit for medium enterprises has been further amended to Rs 250 crore and investment limit has been raised to Rs 50 crore," Javadekar added.

The government said it was hiking the Minimum Support Price(MSP) of paddy by Rs 53 per quintal to Rs 1,868 per quintal for the 2020-21 crop year.&nbsp;

The Union cabinet also approved an increase in the MSP of 14 Kharif crops. Information &amp; Broadcasting minister Prakash Javadekar said the increased MSP will ensure price which will be 50 per cent to 83 per cent more than the cost of production.

The government also increased MSP for cotton by Rs 260 to Rs 5,515 per quintal for 2020-21.&nbsp;

"The farmers will get more time to repay their loans, till August,"&nbsp;Union minister Narendra Tomar asserted.

Transport minister Nitin Gadkari said today that the cabinet has approved the road map for implementing two packages for MSMEs which includes Rs 20,000 crore package for distressed MSMEs and Rs 50,000 crore equity infusion through Fund of Funds.

Transport minister Nitin Gadkari said today that the cabinet has approved the road map for implementing two packages for MSMEs which includes Rs 20,000 crore package for distressed MSMEs and Rs 50,000 crore equity infusion through Fund of Funds. Watch Video: Prakash Javadekar said that the cabinet has approved Rs 20,000 crore subordinate debt for stressed MSMEs which will benefit 2 lakh stressed MSMEs. "The turnover limit for medium enterprises has been further amended to Rs 250 crore and investment limit has been raised to Rs 50 crore," Javadekar added. The government said it was hiking the Minimum Support Price(MSP) of paddy by Rs 53 per quintal to Rs 1,868 per quintal for the 2020-21 crop year. The Union cabinet also approved an increase in the MSP of 14 Kharif crops. Information & Broadcasting minister Prakash Javadekar said the increased MSP will ensure price which will be 50 per cent to 83 per cent more than the cost of production. The government also increased MSP for cotton by Rs 260 to Rs 5,515 per quintal for 2020-21. "The farmers will get more time to repay their loans, till August," Union minister Narendra Tomar asserted.

Government pushes to revive MSMEs amid COVID-19 crisis

Congress interim president Sonia Gandhi has written to Prime Minister Narendra Modi seeking a financial package for MSME sector.&nbsp;

''If ignored, MSME crisis has the potential of having a devastating and expansive ripple effect on our economy,'' the Congress president said in her letter.&nbsp;

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Congress President Sonia Gandhi writes to Prime Minister Narendra Modi on the grave economic crisis facing the nation. She reiterated the concerns of MSMEs (Micro, Small and Medium Enterprises) &amp; suggested five concrete ideas for redressal: Congress. <a href="https://twitter.com/hashtag/COVID19?src=hash&amp;ref_src=twsrc%5Etfw">#COVID19</a> <a href="https://t.co/XPVTHvjDOS">pic.twitter.com/XPVTHvjDOS</a>
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Congress party has sought Rs 1 lakh crore 'MSME Wage Protection' package, credit guarantee of an equivalent amount, along with 24X7 helpline to guide them, according to the letter.

Every single day of the lockdown comes at a cost of Rs 30,000 crore to the sector, she said and added, all MSMEs have lost sales orders, and seen a complete cessation of their work.&nbsp;

Congress interim president Sonia Gandhi has written to Prime Minister Narendra Modi seeking a financial package for MSME sector. ''If ignored, MSME crisis has the potential of having a devastating and expansive ripple effect on our economy,'' the Congress president said in her letter.

Congress interim president Sonia Gandhi has written to Prime Minister Narendra Modi seeking a financial package for MSME sector. ''If ignored, MSME crisis has the potential of having a devastating and expansive ripple effect on our economy,'' the Congress president said in her letter. Congress President Sonia Gandhi writes to Prime Minister Narendra Modi on the grave economic crisis facing the nation. She reiterated the concerns of MSMEs (Micro, Small and Medium Enterprises) & suggested five concrete ideas for redressal: Congress. #COVID19 pic.twitter.com/XPVTHvjDOS — ANI (@ANI) April 25, 2020 × Congress party has sought Rs 1 lakh crore 'MSME Wage Protection' package, credit guarantee of an equivalent amount, along with 24X7 helpline to guide them, according to the letter. Every single day of the lockdown comes at a cost of Rs 30,000 crore to the sector, she said and added, all MSMEs have lost sales orders, and seen a complete cessation of their work.

Sonia Gandhi writes to PM Modi, seeks financial package for MSME sector

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India needs FDI investments worth Rs 50 to 60 lakh crore: Gadkari

Government pushes to revive MSMEs amid COVID-19 crisis

Sonia Gandhi writes to PM Modi, seeks financial package for MSME sector