The conference discussed the flow of credit into different sectors and the need to push lending in the productive sectors of the economy.
(Photo: ANI)
Union Minister of State for Finance Pankaj Chaudhary in a written reply to a question in Lok Sabha on Monday stated that Union Finance & Corporate Affairs Minister Nirmala Sitharaman had a consultation with Chief Ministers and Finance Ministers of States/Lt. Governors of UTs on 15 November with a view to enhancing the investment climate in the country post-pandemic.
The Minister stated that the Government of India has taken concrete steps to increase capital spending and drive infrastructure and investment-led growth which will lead to employment opportunities, access to market and materials, improved quality of life, and empowerment of vulnerable sections.
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During the interaction, it was also discussed that there is a monetizable asset base in states, which can be leveraged to enhance the capital available for new infrastructure creation and other social sector pressing priorities, the Minister stated.
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Giving more details, the Minister stated that states/UTs also raised a few issues such as the need for Standard Operating Procedure on environment/forest clearances and enhanced powers to States; Uniform coastal zone regulations framework; Strengthening of Dispute Resolution Mechanism to strengthen PPP ecosystem; Strengthening of banking infrastructure to address gaps in banking penetration & credit-deposit ratio in states; Need of State-specific trade policy in North East region of India and Development of Agri-specific infrastructure throughout the country.
The Minister further stated that a two-day conference on ‘Creating Synergies for Seamless Credit Flow and Economic Growth’ was held on 17 & 18 November with the participation of various industries, banks & financial institutions. The conference discussed the flow of credit into different sectors and the need to push lending in the productive sectors of the economy.
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