Prime Minister Narendra Modi on Tuesday announced the most anticipated stimulus package of Rs 20 lakh crore, nearly 10 per cent of country’s GDP, for all segments including industries, workers, farmers, honest taxpayers, MSMEs, cottage industry and others.
The prime minister said that the special economic package would be the primary component of “Atma-Nirbhar Bharat (self-reliant India)”.
He said the package will focus on land, labour, liquidity and laws. It also includes the monetary easing announced by the Reserve Bank of India (RBI).
Articulating the plans, PM Modi said, the self-reliant strategy will depend on five-pillars Including, Economy, Infrastructure, Tech-driven System, Vibrant Demography and Demand.
This latest announcement comes in the backdrop of the growing demand for relief package from the Modi-led government to control the damage caused by the coronavirus pandemic.
The nationwide lockdown, that started from March-23 and has already been extended twice, has forced firms, big corporations to cut salaries or to send their employees on unpaid leaves.
Other than the announcement of the relief package, Modi also announced that a ‘lockdown 4.0’ will soon come into effect after May 17.
The prime minister had yesterday held a long meeting with chief ministers to discuss the road map for the fourth phase of the lockdown.
In today’s speech, the leader said that the details of the ‘lockdown 4.0’ will be laid out before May 17, as it is going to be different from the previous versions.
In India, there are over 70,000 confirmed cases and more than 2,200 people have succumbed to the viral disease.
The PM expressed his condolences to the families who have lost their loved ones to the deadly virus.