PM Modi announces Rs. 20 trillion package for the revival of the economy, lists 5 pillars for a self reliant India
The Prime Minister of India – Narendra Modi today, i.e., Tuesday, May 12, 2020 announced a financial package which, combines with Reserve Bank of India’s (RBI’s) previous stimulus, will be in tune of Rs. 20 lakh crores.
Addressing the nation at 8:00 p.m. today, Modi said that this package is 10% of India’s Gross Domestic Product (GDP). The package is announced under the mission, “Aatma Nirbhar Bharat Abhiyan” (Self-Reliant India). The package is aimed to revive the economy, which has been severely impacted by the Coronavirus (COVID-19) and subsequent lockdowns.
Taking it to twitter, Modi tweeted, “एक विशेष आर्थिक पैकेज जो ‘आत्मनिर्भर भारत अभियान’ की अहम कड़ी के तौर पर काम करेगा। #AatmanirbharBharat.”
एक विशेष आर्थिक पैकेज जो ‘आत्मनिर्भर भारत अभियान’ की अहम कड़ी के तौर पर काम करेगा। #AatmanirbharBharat pic.twitter.com/59HERWpwJ4
— Narendra Modi (@narendramodi) May 12, 2020
He also announced that lockdown 4.0, which will start from May 18, 2020, will have new rules and will be completely different from the previous 3 lockdowns. The details of lockdown 4.0 will be shared, once the Centre receives the suggestions from various States, before May 18, 2020.
Speaking on the occasion, Modi said, “This package is for migrants and farmers who work for the nation day and night, no matter the circumstances.”
He further added, “The package will focus on land, labour, liquidity and law; it will help small business, labourers, farmers.”
The financial stimulus would cater to various sections including the cottage industry, Micro, Small and Medium Enterprises (MSMEs), the middle class and industries. The details of the package will be announced by the Finance Minister of India – Nirmala Sitharaman tomorrow, i.e., Wednesday, May 13, 2020.
In the beginning of his speech, Modi said that one virus has destroyed the world. We cannot afford to get tired or lose or break under adversity. Our determination needs to be stronger. 21st century should belong to India. This is our responsibility. We have to save ourselves and move ahead by following all the rules of such a war.
Talking about COVID-19, Modi tweeted :
एक वायरस ने दुनिया को तहस-नहस कर दिया।
— Narendra Modi (@narendramodi) May 12, 2020
लेकिन थकना, हारना, टूटना-बिखरना, मानव को मंजूर नहीं है।
We will not be defeated by the virus. We will take the right precautions and overcome this menace. #AatmanirbharBharat pic.twitter.com/o8V0JFG4Z8
He also said that today India is playing a major role in the development of affairs globally. Be it teaching the fitness mantra of Yoga to the world or providing medicines to the world. Indians are feeling proud today. The world has started believing that India can do great. It can give a lot to mankind. What is needed is commitment from 130 crore Indians.
He said that its time for India to be self-reliant. India has the potential to not just win over the outbreak, but also emerge as a global leader after this. Giving an example of India can achieve self-reliance, Modi said that the pandemic has brought a message and an opportunity. When COVID-19 started, there was not a single Personal Protective Equipment (PPE) kit and very limited N-95 masks. Today, 2 lakh PPE and N-95 masks are getting manufactured. This happened because India overturned calamity into opportunity.
He also defined the 5 pillars of self-reliant India which are Economy. Infrastructure, System, Vibrant Demography and Demand. Detailing out each pillar, he said that ‘Economy’ should bring in quantum jump and not incremental change. ‘Infrastructure’ should become the identity of India. The ‘Systems’ should be made, on the base of 21st century technology-driven arrangements. He termed the ‘Vibrant Demography’ as a source of energy for a self-reliant India. As regards ‘Demand’, he said that we need to make the full use of supply chain to increase and fulfill demand.
He also urged the people to use India-made goods and also promote them. He said we need to be ‘vocal about local.’
Modi further tweeted :
The way ahead lies in LOCAL.
— Narendra Modi (@narendramodi) May 12, 2020
Local Manufacturing.
Local Markets.
Local Supply Chain.
Local is not merely a need but a responsibility.
Be vocal about local! #AatmanirbharBharat pic.twitter.com/eYqt5IDtBp
Meanwhile, India registered 4,213 fresh cases of COVID-19 and 97 casualties in the past 24 hours. As per the Ministry of Health & Family Welfare, there are more than 70,756 cases in India and there have been 2,293 casualties.
