Rs 20 lakh-cr stimulus to bring in self-reliance

K V Prasad

Tribune News Service

New Delhi, May 12

Announcing a Rs 20 lakh-crore stimulus package to put India on a determined path of self-reliance and combat the economic crisis enveloping the world in the wake of Covid-19 pandemic, Prime Minister Narendra Modi tonight declared a measure that is a blend of reforms and welfare.

Addressing the nation, PM Modi asked people to prepare for the fourth phase of lockdown which would have features different from the past three. The current 3.0 version ends on Sunday and the PM said an announcement would be made by the end of it as states were sending in suggestions.

The country, he said, would have to learn to live with the virus but that should not hold it back from embarking on the path of India’s concept of self-reliance based on five pillars —- quantum jump in economy; modern infrastructure the country can take pride in; technology-driven systems; demographic energy; and creation of a strong demand and supply chain within the country.

The package that accounts for 10 per cent of the GDP includes Rs 5.50 lakh crore announced earlier by the finance ministry and the RBI, he said. The RBI announced plans to infuse Rs 3.74 lakh crore liquidity while the Finance Minister came out with a Rs. 1.73 lakh crore package for the economically weak.

Overall, it takes care of all sections and segments of society while addressing issues of land, labour, liquidity and laws. Special focus will be on the toiling masses which suffered and endured the most since March 25 lockdown.

At a time when the definition of self-reliance is changing to look inward, the Prime Minister said India’s hoary past advocates “Vasudeva kutumbakam” (Whole world is a family) and that the country would like to be part of a competitive global supply chain. He urged people to promote local products, which stood the country in good stead during the current situation.

Key takeaways from prime minister’s address

• Making India self-reliant only way to make 21st century belong to us
• FM will announce details of special economic package
• Economic package is for our labourers, farmers, honest taxpayers, MSMEs (micro, small and medium enterprises) and cottage industry
• This is an unprecedented crisis; we have to protect ourselves & move ahead as well
• India didn’t produce any PPE before crisis and manufactured very few N-95 masks. Now, we are producing 2 lakh of each
• Medicines supplied by India have infused new hope in the world amid Covid crisis