The Central government is making efforts to attract FDI in the infrastructure sector, Union Minister Nitin Gadkari said
The Road Transport, Highways and MSME minister also said that talks are on with various pension funds, insurance funds and financial institutions.
Prime Minister Narendra Modi is expected to visit the city to lay the foundation stone of the Ram Temple on August 5
The minister called India as the most favourable destination for foreign investment and urged foreign investors to reap rich dividends by investing in the country's infra, MSMEs, banks, NBFCs
The minister said that economic consultants have predicted budget deficit of Rs 10 trillion and the foreign direct investment is the need of the hour for pumping in liquidity into the market
Gadkari said the MSME sector accounts for 30% of India's growth and about 48% of the country's exports
Sources close to the government said that one of the top projects is going on in Karnataka
He suggested all stakeholders, including banks, financial institutions, infrastructure, MSMEs, agriculture and industries, to jointly create demand to address the need of liquidity in the economy
Gadkari also laid the foundation stones of eight road projects, costing Rs 17,787 crore
The projects for laying foundation stone include 227 km 6-lane access controlled Greenfield expressway from Ismailpur to Narnaul on NH 152D in 8 packages costing Rs 8,650 crore
The project will also provide cross-connectivity with the Golden Quadrilateral's Delhi-Kolkata corridor, North-South Corridor, East-West Corridor and Delhi-Mumbai -Expressway
Gadkari also said that Indian origin companies vying for global success is the way forward towards fulfilling PM's dream of Atma Nirbhar Bharat
Economic activities have been significantly disrupted in the wake of the pandemic and subsequent lockdowns that were in place to curb spreading of infections
Gadakri also said the government will ensure that Chinese investors are not entertained in various sectors like MSMEs
There are reports that customs authorities at Chennai and Vishakhapatnam ports are conducting extra scrutiny of consignments from China
Mumbai has been significantly contributing to the national treasury, but it has "not got the due share of financial assistance from the Centre" in the battle against Covid-19, it claimed
The recommendations from the report Improving Economic Dynamism and Accelerating MSME Growth are likely to help MSMEs 'Survive, Revive, Thrive and Sustain'
He also said that the work the BJP dispensation has done during its six-year rule, could not be done in the previous 50-60 years
The scheme seeks to extend support to the promoters of the operational MSMEs that are stressed and have become NPAs as on April 30, 2020
The road transport minister stated that global businesses are looking at possibilities outside China