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

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.

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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.

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: PM @narendramodi #AatmanirbharBharat

PMO India (@PMOIndia) May 12, 2020

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