Aatm Nirbhar Bharat Abhiyan: PM Modi unveils Rs 20 lakh crore economic package with focus on self-reliance

Prime Minister Narendra Modi on Tuesday announced Rs 20 lakh crore financial package to revive the Indian economy.

“I announce a special economic package today. This will play an important role in the ‘Atmanirbhar Bharat Abhiyan’. The announcements made by the government over Covid-19, decisions of RBI and today’s package totals to Rs 20 lakh crores. This is 10 per cent of India’s GDP,” PM Narendra Modi said in his address to the nation.

Addressing the nation for the fifth time since March, the prime minister said that the path for Indian economic revival is self-reliance. PM Modi said that the financial package will help revive every branch of the economy – from demand, supply chain to manufacturing.

“To achieve self-reliance, the economic package focuses on land, labour, liquidity and laws,” the PM said.

“The economic package will help cottage industries, home industry, small-scale industries, MSMEs, which are the means of livelihood for crores of people. This package is also for farmers, who toil in different weather conditions and for the middle class who pay their taxes on time,” PM Modi said.

The prime minister also urged the people to buy and promote local products and brands. He urged the people to be ‘vocal for the local’.

“Time has taught us that we must make ‘local’ the mantra of our lives. Global brands that are there today were once local too but when people there started supporting them they became global. That is why from today, every Indian must become vocal for our local,” PM Modi said.

The prime minister did not give details on what the next phase of lockdown will look like for India. He just said that the information, based on states’ input, will be made available on May 18.

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: PM @narendramodi

— PMO India (@PMOIndia) May 12, 2020

India has so far reported just over 70,000 cases of the novel coronavirus. This includes 2293 casualties and 22455 people who have been discharged from hospitals after being cured.