'Aatmanirbhar Bharat does not mean that India is an isolationist country:' FM Sitharaman

While holding a press conference on the finer points of the Rs 20 lakh crore stimulus package announced by PM Modi yesterday, Finance Minister Nirmala Sitharaman expounded on the true essence of 'Aatmanirbhar Bharat' (self-reliant India) and how that differed from the concept of becoming an 'isolationist country.' Nirmala Sitharaman also explained how this concept of a self-reliant India tied in with the 5 important pillars of the economy. 

Read: PM Modi Lays Down 'Aatma Nirbhar Bharat' As India's Plan To Battle Coronavirus Crisis

'Aatmanirbhar Bharat' rests on 5 important pillars

"The Prime Minister laid out a vision and that vision was laid out after wide and deep consultation with several sections of our society. These discussions were held with various ministers, PMO and the PM himself," said the Finance Minister. "Essentially this is to spur growth and to build a self-reliant India, that's where this whole initiative is called 'Aatmanirbhar Bharat'. The word 'Aatmanirbhar' rests on 5 important pillars-- the economy, the infrastructure, technology-driven systems, demography, and demand. Thes are the five pillars on which we are building the 'Aatmanirbhar Bharat," she added. 

"Atmanirbhar Bharat does not mean that India is an isolationist country. Given pillars based on which we seek to build Aatmanirbhar Bharat, our focus would be on land, labour, liquidity and law, along the lines of ease of doing business, compliance and so on. Intention is to take local brands and bring it to the global level. A global value chain integration is a part of this vision," said the Finance Minister. 

Read: FM Nirmala, Home Secy At PMO For Pre-package Huddle; PM Modi To Meet Empowered Group Heads

In a massive development on Tuesday, Prime Minister Narendra Modi announced a financial package to boost India's self-reliance. According to him, the earlier decisions of the Centre, including those by RBI, along with the new package totals Rs.20 lakh crore- i.e 10% of India's GDP.

Watch the full speech by FM Nirmala Sitharaman here