Prime Minister Narendra Modi, in his address to the nation on Tuesday evening, announced a Rs 20 lakh-crore stimulus package to make India more self-reliant amid the coronavirus pandemic, as part of the ‘Aatma Nirbhar Bharat Abhiyaan’.
The allocated amount is almost 10 per cent of India's GDP. The details of the financial package will be given by the Finance Minister, Nirmala Sitharaman, on Wednesday, the PM said.
The economic package will focus on land, labour, liquidity and laws and will include the monetary easing announced by the Reserve Bank of India. The PM also spelt our the five pillars self-reliance: growing a new economy, creating a state-of-the-art infrastructure, setting up a technology-based delivery system, leveraging a young demography and exploiting domestic demand.
PM Modi also batted for the use of local products, saying that "local has saved us. It is not only a necessity, it is our responsibility. Today's global brands were once local. We should use local products and also promote them vocally”.
On the expected extension of Lockdown 3.0, slated to end on May 17, the PM said that Lockdown 4.0 will be “based on the suggestions by the state”. The details of India’s fourth lockdown since March would be made available before May 18, the PM added.
“We will wear masks and maintain social distancing but we will not let it affect us. So lockdown 4.0 will be in a new form with new rules," the PM concluded.
I announce a special economic package today. This will play an important role in the 'Atmanirbhar Bharat Abhiyan'. The announcements made by the govt over COVID, decisions of RBI & today's package totals to Rs 20 Lakh Crores. This is 10% of India's GDP: PM Narendra Modi #COVID19 pic.twitter.com/VGpGlIapOy— ANI (@ANI) May 12, 2020
#WATCH "4th phase of lockdown, #Lockdown4 will be in a new form with new rules. Based on the suggestions by states, information related to it will be given to you before 18th May": Prime Minister Narendra Modi pic.twitter.com/ZTy6873nqh— ANI (@ANI) May 12, 2020
Important points from PM’s address:
The prime minister announced an economic package for the 'Aatma Nirbhar Bharat Abhiyaan' with the aim to build a self-reliant India.
The package is close to 10 per cent of India's GDP. The total allocation including the last package stands at Rs 20 lakh-crore.
The package will help India compete at the global scale. India will play a major role in the global supply chain, the PM said.
‘We will wear masks and maintain social distancing but we will not let it affect us. So lockdown 4.0 will be in a new form with new rules.’
PM Modi batted for local-made products: "Local has saved us. It is not only a necessity, it is our responsibility. Local has to become our 'jeevan mantra'. Today's global brands were once local. We should use local products and also promote them vocally.”
The lockdown 4.0 will be based on the suggestions by the state. The details will be out before May 18, the PM said.
The finance minister will reveal the details of the economic package on Wednesday.
‘We had never seen or heard about such a crisis ever before. This is definitely unimaginable for mankind. This was unprecedented. But humanity will not accept defeat from this virus. We have to not only protect ourselves but also move forward.’
‘We have to protect ourselves against the virus, yet keep moving ahead. Today when the world is fearful, we have to resolve to be bold against the pandemic.’
‘The key to India’s fight against the coronavirus has to be self-reliance, but this does not imply that we are self-centred’.
‘India’s strength is to turn crisis into opportunity. This has been the biggest asset in our fight against the virus.’
‘India’s progress has always gone hand in hand with the progress of the world.’
‘We have heard that the 21st century will be India's. Our resolve is much bigger than the crises. We have to save ourselves and continue our fight. We will not give up or accept defeat.’
‘India has changed the world with its policies. Yoga has been India's gift to the world. India's efforts to tackle the coronavirus pandemic are being lauded by the world. The world has started believing in India's abilities.’
‘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.’