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FM’s meet with CMs and FMs of states, LGs of UTs to discuss overall investment climate

The conference discussed the flow of credit into different sectors and the need to push lending in the productive sectors of the economy.

SNS | New Delhi |

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.

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.

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.