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India needs Rs 50-60 lakh cr FDI to Bolster Coronavirus-hit Economy: Nitin Gadkari

The country requires foreign direct investments (FDI) of Rs 50-60 lakh crore, which can be tapped primarily by infrastructure projects as well as Micro, Small & Medium Enterprises (MSME) sector to boost coronavirus-hit economy, said Nitin Gadkari, the Union Minister for the Road Transport, Highways and MSME.

Underscoring the need of FDI as the need of the hour, the minister said that such funds would benefit India as there is a requirement for driving liquidity into the market. Economic activities have been vastly disrupted due to the Covid-19 pandemic and subsequent lockdowns that were imposed for curbing the spread of infections.

“Country at this juncture needs liquidity. Without liquidity our economy’s wheel will not accelerate… Rs 50-60 lakh crore foreign investment is needed in the country under present circumstances to boost the economy,” the Minister told PTI. “FDI in MSME, Non-Banking Financial Companies (NBFCs) and banks are needed… in the highways sector, we are trying to bring foreign investment,” he added.

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