Union Finance Minister Nirmala Sitharaman has termed the COVID-19 economic package of Rs 20 lakh crore, announced by Prime Minister Narendra Modi, as a “reform stimulus, a mindset overhaul, and a thrust in governance.”
In a series of tweets, Sitharaman said PM Modi’s vision of a self-reliant India will include everyone — a hawker or street vendor, a trader, a MSME, an honest tax paying middle class, a manufacturer and so on.
PM Modi on Tuesday evening announced the most anticipated stimulus package of Rs 20 lakh crore, nearly 10 per cent of country’s GDP, for all segments including industries, workers, farmers, honest taxpayers, MSMEs, cottage industry and others.
The Prime Minister said that the special economic package would be the primary component of “Aatmanirbhar Bharat (self-reliant India)”.
He said the package will focus on land, labour, liquidity and laws. It also includes the monetary easing announced by the Reserve Bank of India (RBI).
Articulating the plans, PM Modi said, the self-reliant strategy will depend on five-pillars consisting, ‘Economy, Infrastructure, Tech-driven System, Vibrant Demography and Demand’.
This latest announcement comes in the backdrop of the growing demand for relief package from the Modi-led government to control the damage caused by the coronavirus pandemic.
Other than the announcement of the relief package, PM Modi also announced that a ‘lockdown 4.0’ will soon come into effect after May 17, which will be “very different” from the previous ones.
On PM Modi’s vision of ‘Aatmanirbhar Bharat’, Sitharaman said the idea does not imply “isolationism or becoming exclusionist.” She added that Indian economy has acquired strength in its various dimensions and now India will convert the pandemic challenge into an opportunity.
Meanwhile, Finance Minister Nirmala Sitharaman will announce details of the economic package worth Rs 20 lakh crore, aimed towards achieving the mission of a self-reliant Aatmanirbhar Bharat, at 4 pm today.