PM Narendra Modi Announces INR 20 Lakh Crore Package, Stresses On Self Reliance
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In what would be seen as a boost to local manufacturers and service providers across organized and unorganized sectors, Indian Prime Minister Narendra Modi on Tuesday announced a stimulus package worth INR 20 lakh crore while also stating there will be a fourth phase of lockdown starting May 18, which will be done in consultation with respective state governments.
This package includes the INR 1.73 lakh crore relief announced earlier.
The total stimulus package amounts to nearly 10 per cent of India's gross domestic product. This compares to the likes of the US and the UK, who are spending 10 per cent and 15 per cent of GDP respectively.
Stressing on the need for self-reliance, PM Modi said that the stimulus package will help everyone from small- and medium- enterprises to farmers, and urged all Indians to support locally made produce.
As time has shown, Indians must not only buy but also endorse local products, he said.
PM Modi listed out five pillars that would help the country achieve self reliance: economy, infrastructure, system, demography and demand. Due to the reforms that have taken place during his six-year tenure so far, India has managed to reform its systems to be more efficient, which in turn, has turned this crisis into a massive opportunity, he said.
Providing an example of self-reliance and making use of opportunities, PM Modi said India now makes personal protective equipment (PPE) kits and N95 masks to the tune of 2 lakh each everyday, which compares to no PPE kits and negligible N95 masks in the initial days.
This is also in line with a Bloomberg report from earlier this month, which said that India is developing pieces of land across the country to attract businesses moving out of China. At 461,589 hectares, it is reportedly double the size of Luxembourg.
Corona Will Stay
He said that while the virus is expected to stay for a long time, one cannot let that deter from normal activities for so long. Necessary precautions will be need to be taken but things still have to go on, he said.
The fourth phase of lockdown will be completely different from the previous ones and beginning Wednesday, the Finance Minister will announce further details about the stimulus package.
PM Modi added that the world was now realizing the real worth of India for the development of the human race, with medicines from the country saving lives across the world.