States need to Raise 20 Lakh Crore rupees to Fight Coronavirus -

Union Minister Nitin Gadkari on Wednesday said that in the wake of the crisis arising out of the Covid-19 pandemic, more cash is needed to boost economic activity and states should come forward with Rs 20 lakh crore, while another Rs 10 lakh crore is public can be raised through private investment. Gadkari said that the economy is facing serious problems, businesses are shutting down and unemployment is increasing. He said that all sections of society, whether migrant, media, businessmen or workers, are all facing problems, but ultimately “we will win the economic war” and “fight against Corona”.

He further said that combining this amount (20 lakh crore and 10 lakh crore) with a package of Rs 20 lakh crore already announced by Prime Minister Narendra Modi will bring a total of Rs 50 lakh crore in cash to the market, which will help in fight against Covid-19.

The central government has announced a relief package of Rs 20 lakh crore, including liquidity measures of Rs 8.01 lakh crore by the Reserve Bank of India since March. In the first phase of this relief package announced in five parts, a package of Rs 5.94 lakh crore was announced, including loan facility to small traders. In the second phase, it was announced to provide loans to farmers and food grains to migrant laborers. Relief measures for agriculture and allied sectors were announced in the third installment, while higher level structural reforms were announced in the fourth and fifth installments.

Gadkari further said that work on national highways has been started very fast and the government plans to build highways worth Rs 15 lakh crore in the next two years, he further said that work on about 80 percent of the projects has been resumed.