Prime Minister Narendra Modi in his address to the nation on Tuesday announced an economic package of Rs 20 lakh crore. The economic package is worth 10% of the India GDP. Finance Minister will brief the nation about the economic package for a self-reliant India, says PM.
“This economic package is the country’s cottage industry, home industry, small-scale industry, MSME(Ministry of Micro, Small and Medium Enterprises), which is the source of livelihood of crores of people, which is the strong foundation of our resolve for self-reliant India,” says Modi.
When India talks about self-reliance, it does not advocate for a self-centered system. The world now believes India can do something good for the welfare of humanity, says PM Modi.
PM says about 5 Pillars which will help India to become self-reliant. They are as follows:
- Vibrant Demography
PM Modi said he will announce a special economic package today which will play an important role in the ‘Atmanirbhar Bharat Abhiyan’. The declaration made by the government over COVID, decisions of RBI & today’s package totals to Rs 20 Lakh Crores. This is 10% of India’s GDP. He prioritized that this special economic package will have an emphasis on land, labor, liquidity, and laws.
PM in his address mentioned that the economic announcements made by the government recently related to the Corona crisis, which was the decisions of the Reserve Bank and the economic package that is being announced today, if you add both it more or less is equivalent to Rs 20 lakh crores.
Economic package for the middle class:
Modi further said, “This economic package is for that farmer of the country, is for that worker of the country, who is working hard day and night in every situation for the countrymen in every season. This economic package is for the middle class of our country who pays tax honestly and contributes to the development of the country.”
“Our friends on the streets, street hawkers, daily wage workers, migrant laborers, fishermen, etc. It is time for us to do our bit for them, The stimulus has special provisions for them,” said PM while talking about daily wage workers and laborers.
Strengthen local supply chains:
PM further mentioned that this crisis has made the nation realize the importance of these people in the local supply chain. It’s time to realize the importance of local traders, craftsmen, and brands. Only when the people of a country realize and promote local products, only then they are accepted as global brands he said.
Indians must become vocal for local brands:
The PM also urged Indians to become vocal for local brands. Modi said, “We must make ‘local’ the mantra of our lives as time has taught us a lesson. Global brands that are there today were once local too but when people there started supporting them they became global. That is why from today, every Indian must become vocal for our local brands.”
PM Modi said that we all had never seen or listened to such a crisis ever before. This is definitely unimaginable for mankind. This was out of the ordinary. But humanity will not bear defeat from this virus. We have to not only safeguard ourselves but also move forward.
PM said, “The crisis has brought a key opportunity for India. We are at a critical stage in this fight. A self-reliant India is the only way forward. In the post-COVID world order, we need to make India excel.”
Details about Lockdown 4.0 shall be officially released on May 18. Lockdown 4 is a new wave with new reforms and regulations, Modi said.