MP Congress slams PM Modi's Rs 20 lakh crore Covid package, demands 'at least 50% of GDP'

A day after PM Modi anunced a massive stimulus pack worth Rs 20 lakh crore to fight COVID pandemic and usher in a self-reliant India, Mhya Presh Congress raised objection to amount, asking Government to give at least 50% of India's GDP. India's overall pack amounts to about 10% of GDP, equivalent to about $266 Billion, which is, in-turn, equivalent to 100% of GDP of Pakistan. 

"20 lakh crore only? Modi Ji, this is a pandemic. Everything is destroyed. t just 10% of GDP, at least give 50% of GDP," tweeted Mhya Presh Congress. 

As per  Ecomic Stimulus Index (CESI), India's pack is one of largest in world. Even among G20 nations, largest stimulus fund anunced by Japan for country stands at 21% of its GDP. 

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5th largest pack among G20 countries

Based on data compiled by ecomist Ceyhun Elgin in COVID-19 Ecomic Stimulus Index (CESI), India's stimulus pack, standing at 10 per cent of GDP, fares as  fifth-largest among G-20 ecomies in terms of spending as a percent of GDP.Amongst se, Japan les list by spending 21.1% of GDP on COVID-19 related ecomic stimulus measures. Japan is followed by United States which has committed to a three-phased congressional stimulus pack at $8.3 billion, $192 billion and $2.5 trillion, equating to approximately 13.3% of US GDP. US is followed by Australia at 10.8% and Germany at 10.7%. India occupies fifth position in this list at 10%. 

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PM Modi anunces $266 billion pack

In a massive development on Tuesday, Prime Minister Narendra Modi anunced a financial pack to boost India's self-reliance. According to him, earlier decisions of Centre, including those by RBI, along with new pack totals Rs.20 lakh crore- i.e 10% of India's GDP. However, details of pack shall be anunced by Union Finance Minister Nirmala Sitharaman on Wednesday, May 13, at 4 pm. PM mentioned that this would benefit workers, hawkers, street vendors, farmers, business class, etc. 

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