India’s Rs 20 Lakh Crore Economic Package Is Striking!
NEW DELHI: Prime Minister Narendra Modi addressing the nation Tuesday announced Rs.20 lakh crore economic package which is equivalent to around 10 percent of India's GDP. The Rs 20 lakh crore package includes Rs 1.7 lakh crore package of free foodgrains to poor and cash to poor women and elderly, announced in March, as well as the Reserve Bank's liquidity measures and interest rate cuts. Modi asserted that this economic package will play a crucial role in the ‘Atmanirbhar Bharat Abhiyan’.
The detailed reports about the package will emerge over the next few days. The Rs. 20 lakh crore package meets the demand of industry bodies like the Confederation of Indian Industry (CII), the Federation of Indian Chambers of Commerce and Industry (Ficci) and the PHD Chamber of Commerce.
Modi said that this package will focus on land, labour, liquidity, and las and it will help small businesses, labourers, farmers, the middle class, and cottage industries. It will also focus on the well-being of migrant workers as they have suffered much during these COVID-19 times. Modi repeatedly stressed on India should become self-reliant and spoke of the five pillars of a self-reliant India.
- An economy that doesn’t grow incrementally but makes quantum jumps
- Infrastructure development
- A technology-driven system
- A vibrant demographic mix
- Better supply chains to spur demand.
He said that, “We have never seen or heard of a crisis like this.” The details of lockdown 4 will be shared after the suggestions from the states before May 18.
Also Read: PM Modi Announces Rs 20 Lakh Crore ‘Aatma Nirbhar Abhiyan’ Package
