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