Published 20:38 IST, May 12th 2020
MASSIVE: PM Modi announces economic package of Rs.20 lakh crore worth 10% of India's GDP
In a massive announcement, Prime Minister Narendra Modi announced a financial package worth Rs.20 lakh crore which is equivalent to 10% of India's GDP.
In a massive development on Tuesday, Prime Minister Narendra Modi announced a financial package to boost self-reliance. According to him, the earlier decisions of the Centre along with the new package totals to Rs.20 lakh crore- i.e 10% of India's GDP. However, the details of the package shall be announced by Union Finance Minister Nirmala Sitharaman on Wednesday, May 13. The PM mentioned that this would benefit the workers, hawkers, street vendors, farmers, the business class, etc. He added that special emphasis has been paid to land, labour, liquidity and laws.
PM Modi stresses on pillars of self-reliant India
Currently, there are 70,756 COVID-19 cases in India out of which 22,455 patients have recovered while 2293 casualties have been reported. In his address, PM Modi stated that there were five pillars of a self-reliant India- an economy that is not satisfied by incremental gains but one that begets quantum jumps, infrastructure that becomes the identity of the country, a system that isn't dilapidated from the 20th century but a tech-driven behemoth, demography and the supply-demand cycle being used at the full potential. Mentioning that the country has to move ahead while maintaining social distancing measures, he observed that it was the responsibility of every Indian to ensure that the country gains its true potential in the 21st century.
He opined that the crisis had been converted into an opportunity. For instance, he cited that India had started producing 2 lakh PPE and 2 lakh masks as compared to the past where there was negligible domestic production. He also spoke about enhancing quality of products and better supply chain. Recalling how Kutch resurrected itself after the earthquake, he maintained that nothing is impossible. Additionally, PM Modi declared that the fourth phase of the lockdown would have new guidelines which shall be revealed before May 18.
Updated 21:36 IST, May 12th 2020