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PM Modi announces Financial Rescue Package of $260 billion for India, Asks Country to focus on being Self-reliant

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Prime Minister - Narender Modi

On Tuesday night, Prime Minister Narendra Modi addressed the nation through a televised program. Mr. Modi announced a financial rescue package of $260 billion or INR 20 lakh crore for Indian economy revival. India has been comparatively successful in handling the globally hit COVID-19 pandemic, but it is still economically devastated. 

In the address to nation on Tuesday Mr. Modi said that India is most likely heading towards a new lockdown phase – Lockdown 4.0, post May 17, the end of third phase of India’s lockdown. 

Prime Minister Modi announced the economic stimulus package of INR 20 lakh crores which accounts for 10% of nation’s GDP (Gross domestic product). This package exceeds the expectations of the economists and leaders across the country. This package is aimed at supporting all the classes, from migrant workers and farmers to business owners.

PM Narendra Modi further said that one thing that this coronavirus has taught is that the only way to survive and flourish is to become “self-reliant”. Mr. Modi backed Mahatma Gandhi’s century old campaign of buying Indian textile. 

“Be vocal about local”, PM said. He further emphasized on India’s capability of producing everything within the nation. He boasted about the production of PPE (personal protective equipment) kits and N95 masks in India from zero at the beginning of pandemic to more than 2 lakh PPE kits and N95 masks being manufactured daily within India. 

PM Modi said, “We have been hearing for many years that the 21st century will be India’s century, and this crisis is, I believe one that carries message, that we have to move forward not just to combat the crisis but to prevail.”

Prime Minister clarified that being self-reliant does not mean isolating itself from the world, but embracing the whole world as a family while supporting own house. 

Mr. Modi elaborated that a self-reliant India would be standing strong on five pillars – economy, infrastructure, demography, technologically driven systems and strengthening of supply and demand chain, with supply being sourced from the locals. 

Mr. Modi was requested by the Chief Ministers of various states to announce a rescue package, in a video conference on Monday. India is facing an extensive lockdown in the fight against globally hit COVID-19 infection. The country is facing an economic turmoil with workers out of work and thousands of migrant workers looking to return to their native states post job loss. 

PM Modi said that the financial package is to support the Indian citizens from all classes and will help in reviving the nation’s economy with boost to cottage industries, and small and big scale industries. The focus will be on taking a quantum leap with bold reforms related to land, liquidity, labour and law. 

Indian Union Finance Minister Nirmala Sitharaman is expected to provide details of the package announced by PM by Wednesday. 

PM Modi concluded his speech by re-emphasizing on the importance of buying local as at this time of crisis our farmers and local production are helping to keep the nation afloat. 

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