PM Modi Announces Economic Package Of Rs 20 Lakh Cr Under 'Atmanirbhar Bharat Abhiyan'; It's 10% Of India's GDP

Prime Minister Narendra Modi announced stimulus measures which will take the total amount announced by the Ministry of Finance and the RBI to a total of Rs 20 lakh crore or 10 per cent of the GDP.

PM said that the package will give emphasis on farmers and the labourers who support the nation during the times of crisis. (Image: PTI)

New Delhi: In a big push to revive the economy which is currently reeling under Coronavirus crisis, Prime Minister Narendra Modi on Tuesday announced a Rs 20 lakh crore mega financial package, which combined the government's recent announcements on supporting key sectors as also measures rolled out by the Reserve Bank of India (RBI). While making the announcement, PM Modi said that this financial push will revive and reform the economy to make India self-reliant. In a televised address to the nation, Modi talked about new infrastructure and rational tax systems for a quantum leap of growth. PM Modi also said that the economic package will be around 10 per cent of country's gross domestic product (GDP) and will address problems of a wide range of sectors as well as difficulties of the migrant workers.

The post COVID-19 era will bring with it several opportunities and India's track record convinces me we will rise to the occasion and embrace the opportunities ahead. #AatmanirbharBharat pic.twitter.com/ymqe3bjiml

— Narendra Modi (@narendramodi) May 12, 2020

The PM said that the package will give emphasis on land, labour, liquidity, laws and will also focus on the farmers and the labourers who support the nation during the times of crisis. The PM further said that the package will give rise to a rational tax system, strong financial system besides encouraging businesses and bringing in investments into India. The prime minister said the goal of the country will be to become self-reliant, and identified economy and infrastructure as key drivers for it. He also hinted at big-ticket economic reforms in coming days, adding details of the economic package will be given by Finance Minister Nirmala Sitharaman. Industry experts welcomed the announcements, saying that there are many ways in which the schemes announced on Tuesday can be financed, including from the extra Rs 200,000 lakh crore the Centre will get from higher levies on petrol and diesel.

The way ahead lies in LOCAL.

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 — Narendra Modi (@narendramodi) May 12, 2020

PM Modi had begun his address by talking about how coronavirus has impacted the entire world by calling the crisis "unprecedented". It has halted progress and claimed many lives across the globe. However, he said it is important that we keep fighting on, "we have to move on while protecting ourselves from the crisis." According to him, the only way out now is "atma-nirbhar Bharat (a self-reliant India)". Highlighting how India has had a crucial impact in the world, he stated that Indians have to be a torchbearer in this step to be self-dependent. Citing examples of the glorious history of India, he has called for millions of Indians to support this initiative. PM Modi revealed that this atma-nirbhar bharat mission will be focused on 5 pillars that include economy, infrastructure, system, demography and demand. Also Watch: PM Modi Focuses On 'Self-Reliant India', Explains Five Major Pillars (With Agency Inputs)