New Delhi: In a big push to revive the COVID-hit economy, Prime Minister Narendra Modi announced Tuesday massive new financial incentives. These are top of the previously announced packages for a combined stimulus of Rs 20 lakh crore. Narendra Modi asserted that the coronavirus crisis has provided India an opportunity to become self-reliant.
Details of economic package
Apart from the Reserve Bank of India (RBI) assistance, the government had last month announced a Rs 1.74 lakh crore package for the poor. These included cash transfers, Rs 50 lakh insurance cover and steps to ensure food security.
About the financial package, the prime minister said it will be around 10 percent of the GDP. “It will play an important role in the ‘Atmanirbhar Bharat Abhiyan’ (self-reliant India campaign). The announcements made by the government so far, the decisions of the RBI and today’s package totals to Rs 20 lakh crore,” added the PM.
The special economic package will have emphasis on land, labour, liquidity and laws. It will be for ‘our labourers, farmers, honest tax payers, MSMEs and cottage industry,” asserted Modi.
4th phase of lockdown to be different
In a televised address to the nation, Modi also said there will be a fourth phase of the lockdown. However, it will be very different from the earlier three phases. The third phase of the lockdown is scheduled to end May 17.
India’s self-reliance will be based on five pillars. They are economy, infrastructure, technology driven system, vibrant demography and demand, Modi informed.
More reforms on cards
The prime minister also hinted at big-ticket economic reforms in coming days. He said Wednesday, Finance Minister Nirmala Sitharaman will announce details of the special economic package.
Time to be self-reliant
Modi said getting fatigued or exhausted was not an option in confronting the unprecedented challenge posed by the pandemic. India has to make sincere efforts to become a self-reliant nation by transforming the crisis into an opportunity. Modi said the pandemic has provided an opportunity to India to become self-reliant. This is the chance to emerge as a powerful country globally in the 21st century.
“We are standing at a crucial juncture. This crisis has a message for us. It has provided us an opportunity. We have to protect ourselves and move ahead as well,” asserted Modi.
Growing in stature
India’s self-reliance addresses concerns about world’s happiness, cooperation and peace, Modi said. He said medicines supplied by India have infused new hopes in the world which is fighting battle of life and death. Modi also stated that when the coronavirus crisis began, not a single Personal Protective Equipment (PPE) kit was made in India. “Now the country makes close to 2,00,000 PPEs per day,” Modi informed.
The prime minister’s address to the nation came a day after he held a marathon six-hour meeting with chief ministers. Discussions on the road ahead once the nationwide lockdown ends May 17 took place.
There have been growing demands by industries, workers and several political leaders to withdraw the lockdown. They said it has had a devastating effect on the economy and livelihoods of a large section of people.
Agencies