PM Modi Announces Rs 20 lakh crore Economic Package
PM Modi addressed the nation for the third time and announced a Rs 20 lakh crore economic package to revive the Indian economy from the slump caused by the extended lockdowns.
Since the lockdown, PM Modi addressed the nation yesterday for the 3rd time at 8:00 pm. The entire nation was very excited to hear his speech and his plans about how India would move forward in its fight against COVID-19.
Here are the highlights of Modi’s speech:
During the lockdown we are all at home and finding it difficult to go out and buy things. However local shops have made sure to help us, buy supplying essential items. Now every citizen in India has to be ‘Vocal for Local’. Meaning we have to support local businesses.
When the crisis started then not even a single PPE kit was manufactured in India, only a few N95 masks were available. Today 2 lakh PPE kits and 2 lakh N95 masks are manufactured in India daily. Modi said India needs to be Self-reliant ‘Aatma Nirbhar’. This will happen and will help local businesses grow and people support them.
India’s self-reliance will be based on 5 pillars:
Economy, Infrastructure, technology-driven system, vibrant demography, and strong supply system to increase demand. Today we have the resources, we have the power and the best talent in the world. We will make the best products, improve our quality, and modernize the supply chain. We can and we will.
He also announced a Rs 20 Lakh Crore financial package. This package is 10% of India’s GDP. The package will focus on land, labor, liquidity, and law; it will help small businesses, laborers, farmers, the middle class, and cottage industries. It will focus on the well-being of migrant workers too.
Finance Minister Nirmala Sitharaman will address a series of press conferences in the coming days to give further details. More than 42 lakh people from different countries have been infected by COVID-19. More than 2.75 lakh have lost their lives. However we can’t get tired or give up. Corona will be with us for a long time but our lives cannot revolve around it. We will wear masks, we will follow six-foot distance, but we won't let it lose focus from our goals.
Modi said after discussing with the Chief Ministers of various states, a decision has been made about the 4th lockdown. This lockdown will be different and will have new rules. An announcement about the 4th lockdown will be made before 18th May.
