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Prime Minister Narendra Modi on Monday announced a ₹20-lakh-crore special economic package, which is almost equal to 10 per cent of the country’s GDP.
Meanwhile, he indicated that the lockdown will continue beyond May 17 but in a totally different form.
“This package will lay emphasis on land, labour, liquidity and laws,” Modi said, in his fourth televised address to the nation in the last two months.
The package included the first tranche of the stimulus amounting to ₹1.70-lakh crore on March 26 and multiple policy measures including the ₹3.74-lakh-crore liquidity infusion by the Reserve Bank of India.
From Wednesday, Finance Minister Nirmala Sitharaman will start providing details of various measures proposed to address the concerns of all sections of the economy including migrant labourers, small vendors, farmers and micro, small and medium enterprises (MSMEs).
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PM holds meeting with CMs; States press for funds, more decision-making powersTitled ‘Atmanirbhar Bharat Abhiyan’ (Self Reliant India Campaign), the package will focus on supply chain in the farm sector, taxation, simple and clear rules/regulations, sound infrastructure, competent and efficient labour force and a strong financial system.
These reforms will promote business, attract investment, and further strengthen ‘Make in India’.
“Self-reliance will prepare the country for tough competition in the global supply chain, and it is important that the country wins this competition. It will not only increase efficiency in various sectors but also ensure quality,” he said, in anearly 40 minutes speech.
Five pillars
The Prime Minister said the crisis has taught us the importance of local manufacturing, local market and local supply chains. All our demands during the crisis were met ‘locally’. Now, “it is time to be vocal about the local products and help these local products become global,” he said.
Recalling the devastation in Kutch after the earthquake, the Prime Minister said through determination and resolve, the area was back on its feet. A similar determination is needed to make the country self-reliant. He said that a self-reliant India will stand on five pillars, namely, Economy, which brings in quantum jump and not incremental change; Infrastructure, which should become the identity of India; System, based on 21st century technology-driven arrangements; Vibrant Demography, which is our source of energy for a self-reliant India; and Demand, whereby the strength of our demand and supply chain should be utilised to full capacity. He underlined the importance of strengthening all stakeholders in the supply chain to increase, as well as fulfill, the demand.
Modi noted that several experts and scientists have said the virus is going to be part of our lives for a long time. However, “it is also important to ensure that our life does not revolve only around it”, he said. He said the contours of Lockdown 4.0 will be different from those of previous ones.
The new rules will be based on recommendations from States, details of which will be conveyed before May 18.
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