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Coronavirus lockdown 4.0: PM Modi announces economic package worth Rs 20 lakh crore; 10% of GDP

Lockdown 4.0: Economic package will play an important role in 'Atmanirbhar Bharat Abhiyan', says PM Modi; Modi says announcements made by govt over COVID-19, decisions of RBI and today's package totals around Rs 20 lakh crore, which is 10 per cent of India's GDP

twitter-logo BusinessToday.In   New Delhi     Last Updated: May 12, 2020  | 22:08 IST
Coronavirus lockdown 4.0: PM Modi announces economic package worth Rs 20 lakh crore; 10% of GDP
Prime Minister Narendra Modi

Prime Minister Narendra Modi on Tuesday announced economic relief package worth Rs 20 lakh crore to make India 'self reliant' at a time when world is facing biggest crisis in terms of the coronavirus pandemic. "This will play an important role in the 'Atmanirbhar Bharat Abhiyan'. The announcements made by the Centre over COVID, decisions of RBI and today's package totals to Rs 20 lakh crore. This is 10% of India's GDP," said PM Modi.

PM Modi said there were five pillars to make India self-reliant -- economy, infrastructure, system-based on technology, demography, and demand. He said to increase and meet the demand, every stakeholder in the supply chain must contribute to make India a leading force. Prime Minister Modi said "land, labour, liquidity and laws" would be in focus under the economic package. "Economic package is for the middle-class who pay their taxes responsibly, for the ones who are fighting tirelessly, for the industries," he added.

In his televised address to the nation, PM Modi said the economic stimulus package would benefit small businesses like the cottage industries, small-scale industries, MSMEs, as these are strong basis of India's "self-reliant India" resolve. Who would have thought that the packages announced would reach the needy at a time when the entire country was in lockdown, when there was no transportation, and when everything was shut, PM Modi asked, adding India's strong financial system allowed smooth functioning of all economic activities.

PM Modi also said that lockdown's fourth phase will be quite different than the third phase.

Also read:Coronavrus lockdown 4.0 will be imposed with all-new guidelines, measures: PM Modi

Talking about becoming self-reliant, PM Modi said in India's self-reliance there is a concern for the whole world's happiness, cooperation and peace. "In a world that is fighting life & death, India's medicines today bring a new hope. With these steps, when India is being praised everywhere in the world, every Indian feels proud," he added.

Also read: Coronavirus lockdown 4.0: PM Modi announces economic package worth Rs 20 lakh crore; 10% of GDP

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