Prime Minister Narendra Modi on Tuesday announced a Special Economic Package of Rs 20 lakh crore to make India self-sufficient India despite the losses incurred due to COVID19 pandemic.
On the 50th day of lockdown, Modi, in his address to the nation, said the Rs 20 lakh crore package will account to about 10 percent of India’s GDP.
The economic package will ensure that every Indian is given enough strength to make them resilient to face any form of future challenges.
Modi said from Wednesday, Union Finance Minister Nirmala Sitharaman will start enlightening people of India on the special economic package.
The PM said the special economic package will emphasize on land, labour, liquidity and the loss Indians have incurred because of COVID19 pandemic.
The special economic package would take into account the challenges of the cottage industry, MSME, and even heavy industry to ensure that India attains the position self-sufficiency, and marches towards the path of development.
“The special economic package will take into consideration the problems all farmers and labourers, who have fighting day and night amid the pandemic situation,” Modi said.
The PM said the special economic package is for India’s middle-class, who has always been honestly paying tax to strengthen India’s economy.
Modi said he is aware of the fact that the last two months has been a phase of “biggest struggle” for the people of India, and the challenges have been unimaginable.
“Our responsibility to strengthen the economic conditions of all daily wage labourers and poor people so that they are strong enough to face any form of challenges in future,” the PM said.
Modi said, “We will have to survive, and progress as well. We will have to strengthen our dedication, and we will be empowered amid the pandemic.”
Claiming that the 21st century is for people of India, the PM said hard work and dedication of the people will make India a global leader in every sphere.
“We will have to be self-sufficient India, though as a nation, we were caught in a whirlpool of problems,” he said.
He said when Corona crisis began, India did not produce any PPE kit or N95 mask. But now, 2 lakh PPE and 2 lakh N95 masks are being produced in India.
Because of the reforms during the last six years, even amid pandemic, we are in a much confident position.
“And a vibrant economy will make every Indian more resilient against any calamities in the coming days,” he said.
Though the special economic package, and because of the reforms, India will soon emerge as a major manufacturing hub, and the ‘Make in India’ movement will also get a momentum.
“India has converted crisis into opportunity. It is a great sign to make India self-sufficient. In the global theatre, India is emerging as a new ray of hope,” he claimed.
Modi claimed the world has now started believing that India can now do much better.
“Today, we are much better situation, and we can use our strength of dedication to make India self-sufficient.
Indian’s development process stands on five pillars – economy, infrastructure, technology-driven system, vibrant demography and demand, he said.
“To increase demand in India, our supply chain should have equal support of every stakeholders. We will further strengthen it,” he said.
The PM said after May 17, Lockdown 4 will be quite different, and people of India will continue to work for development of the country, but with utmost protection.
He said the new set of SOP for Lockdown 4 will be announced before May 17.