According to the experts, the Centre and state governments will suffer a budget deficit of Rs 10 lakh crores due to COVID-19 pandemic, said Union Minister Nitin Gadkari on Sunday.
While interacting with the members from Bhartiya Udyog Vyapar Mandal on 39th Rashtriya Vyapari Diwas via video conference, Gadkari said, "Experts say Central and state government will suffer a budget deficit of Rs 10 lakh crores due to COVID-19 pandemic. So we need to pump liquidity in the economy otherwise the industries and businesses will not run."
Citing an example, the Minister said, "Like if a farmer does not have money then how will he buy a motorcycle, how will he use petrol or spend on hotel or a restaurant, or buy new clothes. So capital should reach the poor people."
He stressed that there is a need to develop 115 aspirant districts which are socially and economically backward.
"For this, we have decided that our 115 aspirant districts which are socially and economically backward, we should develop these economies," he said.
Gadkari further said that the fight on the economic front is as important as the fight against COVID-19. "We have to accomplish the mission of making India a USD 5 trillion economy and we have that potential. We have young, talented and skilled manpower," he added.
( With inputs from ANI )