Prime Minister Narendra Modi on Tuesday announced Rs 20-lakh crore stimulus package to revive the economy which has taken beating due to Covid-19 pandemic. He asserted that the pandemic which poses a huge challenge before the whole world, has given us an opportunity.
Addressing the nation, Prime Minister Modi said the pandemic has taught us the importance of being self-reliant. “It is the local that has helped us in the time of need. We have to be vocal about local,” said the Prime Minister.
Waxing eloquent on the importance of being self-reliant, PM Modi said India made good advancement in production of PPE kits, N95 masks and medicines that have come to aid the world. He has been consistently harping on this theme for some time now. But the Prime Minister asserted that India can and will use this crisis as an opportunity to make this century as that of India’s. The economic package is dedicated for that purpose, he said. PM Modi said India’s age-old wisdom and life-style will help India fight the pandemic. In this context, he talked about Yoga.
PM Modi said the country will have to learn to live with coronavirus. On the next stage of lockdown, the PM said the rules of the lockdown will be different. While he refused to divulge more details, he said the new format will be announced before May 18. It is believed there is likely to be more relaxation in public movement to be given in the forthcoming lockdown with adherence to norms of social distancing and personal hygiene.
Modi announced an economic package, which along with previous packages and RBI reprieves, will amount to Rs 20 lakh crore and which he claimed will address issues pertaining to land, labour, liquidity and loss. The total economic package, Modi claimed, will be approximately 10 per cent of India’s GDP.
He termed economy, infrastructure, technology-driven system, vibrant demography and demand the five pillars which need to be used by India.
Jan Dhan, Aaadhaar and mobile technology helped the poor and the marginalised during this lockdown and the ambit of reforms needs to be widened so that the impact in future is minimal on individuals, he said.
He said that the package has special focus on the marginalised, poor, fishermen, and migrant labourers. In a significant statement, Modi said the local business came to rescue of people during the lockdown and India needs to recognize its worth.
“From today onwards, all Indians should be vocal about local. They shouldn’t only buy local products but should equally advertise them with pride,” he said. Referring to India’s response to his appeal to buy khadi products, he suggested that it’s time to buy local.
He passingly referred to the Kutch earthquake to stress Indians’ resolve. “We never thought Kutch could never stand on its feet. But it did. If we Indians determine to do so, nothing stops us,” he said.
While no specifics were given either terms of the economic package or the next lockdown, PM Modi gave some macro points – that Indians will have to learn to live with this virus and use this crisis as an opportunity to once again go local from global, giving the domestic market an impetus. In the meanwhile, the government will stand by not just the poor and marginalised but even the middle class and those from the industry.
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