PM Modi said the package would be part of a movement for self-reliant India, and said rules for the new lockdown would be drawn up after consulting with states.
New Delhi: Prime Minister Narendra Modi has announced that a “new lockdown” will continue beyond the end of the current phase on 17 May, but that the government will provide a massive special economic package to revive the economy that has been battered by the Covid-19 pandemic.
The total cost of the package will be Rs 20 lakh crore. The PM said it would be named ‘Atmanirbhar Bharat Abhiyan’ (literally, self-reliant India campaign).
Modi said the fiscal package, which will benefit labourers, farmers, honest tax payers, MSMEs and cottage industries, equals to 10 per cent of India’s GDP. This will be the fifth largest package announced by any country to tide over the economic impact of the novel coronavirus.
“The package will have emphasis on land, labour, liquidity and laws, and will pave the way for a self-reliant India,” PM Modi said, adding that Finance Minister Nirmala Sitharaman will announce the contours of the package starting Wednesday.
“This package is for that worker in the country, that farmer, who is working hard day and night; for the Indian middle class, for the industry which is committed to make India stronger.”
source: Theprint
Link:https://theprint.in/india/modi-announces-rs-20-lakh-crore-package-to-revive-economy-and-a-new-look-lockdown-4/420036/