New Delhi:
in a bid to rejuvenate the Indian economy, ravaged by Covid-19 Pandemic lockdown, Prime Minister Narendra Modi announced a special economic package, and said the recent decisions by the government, the decisions by the Reserve Bank of India (RBI) combined with Tuesday's financial package announcement come to about Rs 20 lakh crore – nearly 10 percent of India's GDP.
The package will spur business, attract investment and strengthen our Make in India Mission, reiterated Modi. The package is equivalent to 10 per cent of India's GDP, stated Modi. The Special economic package will have emphasis on land, labour, liquidity
Finance Minister Nirmala Sitharaman will announce further details on the package,equivalent to around 10 percent of India’s GDP, in the coming days, Modi said in an address to the nation.
PM Modi also said that centre will enforce a fourth lockdown- with a lot of modifications. The details of the fourth lockdown will be communicated by May 18, said Modi.
There is unprecedented crisis but India will neither get tired nor give up the fight against coronavirus, Modi said, and asserted that "we have to protect ourselves and move ahead as well".
Special economic package is for our labourers, farmers, honest tax payers, MSMEs and cottage industry, the prime minister said in a televised address to the nation.
India is standing on five pillars –economy, infrastructure, governing systems, vibrant democracy and supply chain.
The Rs 20 lakh crore stimulus includes packages worth nearly Rs 7-8 lakh crore already announced by the Finance Ministry and the Reserve Bank of India (RBI).
Finance minister Nirmala Sitharaman eatlier had announced a Rs 1.7 lakh crore package while RBI Governor Shaktikanta Das had announced liquidity support in two tranches in March and April respectively amounting to over Rs 5 lakh crore.