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PM Modi Announces Rs 20 Lakh Crore Package to Restart Economy With a ‘Vocal for Local’ Message

The PM, in his fourth televised address on the Covid-19 situation, said the economic package will empower all sections of the society.

Prime Minister Narendra Modi on Tuesday announced a special economic package worth Rs 20 lakh core for what he called “Atma-Nirbhar Bharat Abhiyan” or mission self-reliant India, to help the nation cope with the impact of coronavirus and the lockdown of large parts of the economy.

The PM, in his fourth televised address on the Covid-19 situation, said the economic package will empower all sections of the society, from the often neglected labourer and hawker, to employment generating industries and the honest tax-paying middle-class, and will also help India compete on the global stage.

“The special economic package is for our labourers, farmers, honest tax payers, MSMEs and industry,” he said.

The sum of 20 lakh crore will also include the earlier financial relief declared by financial minister Nirmala Sitharaman worth Rs 1.17 lakh crore and the monetary easing announced by the Reserve Bank of India. The package, Modi said, constitutes close to 10 per cent of India’s gross domestic product (GDP), and it will focus on land, labour, liquidity and laws.