In a big push to revive the COVID-19 hit economy, Prime Minister Narendra Modi on Tuesday announced a special economic package that will focus on empowering the poor, laborers and migrants both from organized and unorganized sectors. The package will also focus on land, labor, liquidity and laws.
He also hinted at big-ticket economic reforms in the coming days, adding details of the economic package will be given by Finance Minister Nirmala Sitharaman.
The special economic package would be the main component of “Atma-Nirbhar Bharat (self-reliant India)”, he said. The announcement comes amid the coronavirus-induced nationwide lockdown which has rattled the country’s economy. The package announced by the government will be beneficial for the industry, middle class, micro, small and medium enterprises and for large industries, PM Modi said.
The package will spur business, attract investment and strengthen our Make in India Mission, reiterated Modi. The package is equivalent to 10 percent of India’s GDP.
The novel coronavirus has brought a new opportunity for India by helping it upgrade its existing health infrastructure, Prime Minister Narendra Modi said in his third address to the nation on the Covid-19 lockdown. Citing instances of India’s effort towards polio eradication, International Solar Alliance and global convention on climate change- Modi highlighted India’s role in the global order. India’s response to the ‘Kutch Earthquake’ is a testimony to our collective mindset.
Speaking about the coronavirus pandemic, PM Modi said: “A virus has ravaged the world, we have never seen or heard a crisis like this. “The only way for India to triumph over the crisis was to “strengthen our resolve so that our resolve is even greater than this crisis.”
Major takeaways of Prime Minister’s Address
- Lockdown 4 will be announced before May 18 and will have new rules.
- This package focuses on land, labor, liquidity and law. It will help small industries and MSMEs.
- PM delved on the amount of loss caused by the 120nm novel coronavirus
- The irreparable loss which occurred due to the pandemic is beyond any explanation
- India has converted the challenge of coronavirus into an opportunity
- India needs to fulfill its role as one of the leaders in the 21st century
- The Pandemic has taught us the true value of self-reliance
- India has always been a leader and our efforts at International forums are a testimony.
- 5 pillars of India’s self-reliance- Economy, Infrastructure, System, Demography, Demand.