20 Lakh Crore Stimulus Package

PM Modi’s Dream for a Self-Reliant India: 20 Lakh Crore Stimulus Package

While the corona crisis has badly impacted the economy worldwide, PM Modi aims to revive it and make India self-reliant India. In his 4th address to the nation during corona crisis, Pm Modi announced an economic stimulus package of Rupees 20 Lakh crore.  The entire speech of Mr Modi was around how to make India a self-dependent nation.  With this economic package, PM expressed his confidence that the economy will gain momentum and a new chapter will start. According to him, this initiative by the government will prove to be a milestone in the direction of economic reforms.

20 Lakh Crore is equal to 10% of the Nation’s GDP

The economic revival packages announced so far by the Indian government is about 10 percentage of Nation’s GDP. This package is the fifth largest package in terms of GDP given by any country in the world.  The table below shows the similar packages given by other countries

Nations% of  GDP Given As Economic Package
Japan21.1%
USA13%
Sweden12%
Germany10.7%
India10%

The Four Focus ‘L’ of 20 Lakh Crore Stimulus Package 

Land, Labor, Liquidity and Law

With various sections of the economy getting support from Rs 20 lakh crore, this stimulus package will give a new impetus to the country’s development journey in 2020.

The 4 focus areas that have been emphasized in this package includes

– Land, Labor, Liquidity and Law. 

As per our PM, this economic package will ensure the revival of our cottage industry, home industry, small-scale industry, and MSME which are the source of livelihood of crores of people. These industries are the strong foundation for a self-reliant India. This economic package is for that labours and farmers who are working day and night in every situation and season. The middle class of our country, who pays taxes honestly and contributes to the development of the country will get support through this package.. The stimulus package is to boost the potential of the Indian industries.  

Five pillars of self-reliant India

As per Mr Modi, the success of self-reliant India will stand on five pillars.

  • Economy – Economy will be the first pillar of self-reliant India. In his bold statement, Mr Modi talked about the economy that will take a quantum jump and not incremental change with this 20 lakh crore stimulus package.
  • Infrastructure – The second pillar of self-reliant India will be Infrastructure. This stimulus package of 20 lakh crore will make a world-class infrastructure which will become the hallmark of modern Indian.
  • Power of 130 crore population – As always, Mr Modi is confident of the power of 130 crore Indians and considered them as the third pillar of self-reliant India. This 130 crore population will play a big role in building a new India.
  • Our Vibrant Demography– The fourth pillar in the success of self-reliant India is our demography. As per Mr Modi, our vibrant Demography is our strength in the world’s largest democracy. It is the source of strength for a self-reliant India.
  • Demand and Supply Chain– The fifth pillar of self-reliant India is the power of demand and supply chain. The 20 lakh crore stimulus package will empower every stakeholder of the supply chain to fulfil the demand in the country. As per Mr Modi, ‘We will strengthen the supply chain which has the smell of our soil, the scent of sweat of our labourers’.

21st century will be of India

21st century will be of India

The 21st century will be of India, this we have been listening since the last century. Now, the time has come now to prove this. Mr Modi said that as a nation we are standing at a turning point today. Such a big disaster is a signal, a message, an opportunity for India to emerge as a self-reliant nation. Giving a live example on this, Mr Modi explained how India has taken this disaster as an opportunity and today we are self-sufficient in PPE and N95 masks in just a span 2 months. He said that the vision of India to become a self-reliant nation is going to equally effective with our strong determination.

Become ‘Vocal’ for ‘Local’ products and Make it ‘Global’

Become 'vocal' for local products and Make it Global

The 20 lack crore stimulus package is to boost the economy from the ground level.  To make his statement more effective,  PM Modi said that the now the time has come when every Indian has to become’ vocal ‘for their local, not only to buy local products but should also promote them with proud. We have to make our local products global. Here, our prime minister has given a message to respect  Indian products and not to rush for international brands. The Time has now come to promote Make In India products. And for this, the government has empowered the economy with rupees 20 lakh crore stimulus package. 

  According to Mr Modi, this era of self-reliant India will be a new vow for every Indian, and for this, we have to move forward with a new life force. Giving an example, Mr Modi reminded the incidence of Kutch earthquake and how the people of Kutch rebuild the whole city with their strong commitment.  
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