New Delhi (NVI): Prime Minister Narendra Modi today announced a Rs 20 lakh crore economic relief package to deal with the coronavirus crisis, saying that it will play an important role in “Atmanirbhar Bharat Abhiyan” (Mission self-reliant India).
Announcing the special economic package, just five days before the end of the third phase of lockdown, PM said it will support MSMEs, cottage and small scale industries, laboures, farmers and middle class amid the corona crisis. “This package is around 10% of India’s GDP,” PM said during his address to the nation at 8 PM.
He said that Finance Minister Nirmala Sitharaman will announce the details of the special economic package from tomorrow.
During his address, PM said that the building of a self-reliant India will stand on five pillars: Economy, Infrastructure, Tech-driven System, Vibrant Demography and Demand.
He said that Land, Labour, Liquidity, Laws have been stressed upon in the special economic package.
PM also said that being vocal about local is going to be the mantra for economic recovery now. “The current situation has taught us the importance of local supply chains. The global brands we see today were once local. From now, all Indians should become vocal for our local products,” PM said.
“The current situation in the world tells us that there is only one way to deal with this problem- ‘A Self-reliant India’,” the PM said in his opening remarks.
PM said that the vision of a self-reliant India will convert the corona challenge into an opportunity.
“One virus has destroyed the world. This is an unprecedented crisis. We have to protect ourselves and move ahead as well,” he said in an address to the nation.
Throughout his speech, PM stressed the idea of a self-reliant India. Citing an example, he said that when the corona crisis began, then not even a single PPE was manufactured in India. “Today, we are able to manufacture 2 lakh PPE and 2 lakh N-95 masks on a daily basis,” he said.
“When India talks of self-dependence, its focus is not on capital-centric world order, but on the welfare of humanity at large, based on Vasudhaiva Kutumbakam,” he said.
The Prime Minister also announced that lockdown 4.0 will come in a new form, with new rules and restrictions. He said that on the basis of suggestions received from states, important information related to the extended lockdown will be given before May 18.
The third phase of lockdown in slated to end on May 17. The lockdown initially kicked in on March 24 after the PM’s announcement and it has been extended twice since then.
PM’s address also comes a day after his marathon six-hours meeting with Chief Ministers of all states via video conferencing.
