PM Narendra Modi Announced INR 20 Lakh Crore Package, Self Reliance is the KEY
PM Narendra Modi Announced INR 20 Lakh Crore Package, Stressed On Self Reliance. Modi also told there will be a fourth phase of lockdown starting May 18. It will be done in consultation with respective state governments.
PM Modi has come up with a package to boost the local manufacturers and service providers across organized and unorganized sectors. Narendra Modi on Tuesday announced a stimulus package worth INR 20 lakh crore. He also stated there will be a fourth phase of lockdown starting May 18. The implementation of the fourth phase will be in consultation with all the state governments.
This package also includes the INR 1.73 lakh crore relief which the government has already announced earlier.
The 20 lakh crore stimulus package is nearly 10% of India’s gross domestic product. This is inline to the likes of the US and the UK, who are spending 10% and 15% of GDP respectively.
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Self Reliance is the KEY
Self-reliance is the kwy now. Stressing on this, PM Modi said that the stimulus package will help everyone, be it the small- and medium- enterprises or the farmers. He also urged all Indians to support locally made produce.
As time has shown, Indians must not only buy but also endorse local products, he said.
The five pillars to achieve the country’s self reliance are: economy, infrastructure, system, demography and demand. With efforts in the form of reforms from the last six-year tenure, India has managed to reform its systems to be more efficient. This in turn, has turned this crisis into a massive opportunity, he said.
As an example of self-reliance and making use of opportunities, PM Modi recited the example of how India now makes from 0 before the pandemic to 2 Lakh personal protective equipment (PPE) kits and N95 masks everyday.
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.
Learn to live with Corona
He said the virus is going to stay for a long time, we cannot let that prevent us from doing our normal activities for so long. Precautions are needed to be taken keeping things going on, he said.
Indians are going to see a completely different lockdown during this fourth phase of lockdown that is beginning on 18 May 2020. The Finance Minister Mrs. Nirmala Sitharaman will announce the details about the 20 Lakh Crore 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.