PM Narendra Modi on Tuesday announced a Rs 20 trillion package for India's economy. The package amounts to nearly 10% of the country's GDP. He said the economic package, aimed at undoing the devastating impact of a national lockdown to contain the coronavirus, would play an important role in making India self-reliant.
In a televised speech to the nation, PM Modi said,"India's self-reliance will be based on five pillars - economy, infrastructure, technology driven system, vibrant demography and demand."
1) Economy: An economy that takes quantum jumps and not incremental gains.
2) Infrastructure: Infrastructure is synonymous with a modern India.
3) Our system: A system that helps us realise dreams, which is based on tech-driven facilities.
4) Demography: Vibrant demography our strength.
5) Demand: The demand and supply chain, we need to utilise the potential. We need to increase demand in the nation. Each stakeholder must be active.Today's speech came a day after he said that the lockdown would be lifted gradually.
PM Narendra Modi said that the special economic package would have emphasis on land, labour, liquidity and laws.
The details of the package will be announced by Finance Minister Nirmala Sitharaman starting tomorrow.
PM Modi said the Rs 20 trillion economic package was for the country's labourers, farmers, honest tax payers, MSMEs and cottage industries.
PM Narendra Modi also urged citizens of the country to start buying locally made products. Indians have to be "vocal about local' products.
He said,"The coronavirus will be a part of our lives for a very long time. But we can't let our lives remain confined around Covid-19. We will wear masks and maintain social distancing but we will not let it affect us.
Lockdown 4.0 will begin from May 18, but in a new form and with new rules, he said.
Health ministry officials have repeatedly said the spread of the disease would have been worse without the lockdown.
Meanwhile, India had 70,756 coronavirus cases and 2,293 deaths from the disease till Tuesday noon, according to the health ministry. The rising infection numbers are also the result of testing, which has grown from 2,000 per day in late March, to 85,000 to 90,000 a day, according to the Indian Council of Medical Research.