Chandigarh: Prime Minister Narendra Modi Tuesday announced a Rs 20 lakh crore ($226 Billion) economic package due to the "unprecedented crises" caused by the novel coronavirus. This is 10 percent of India's GDP. "One virus has destroyed the world. This is an unprecedented crisis. We have to protect ourselves and move ahead as well," he said in an address to the nation.
With the third phase of the lockdown expiring on May 17, PM Modi said the next phase would be different and have new rules and guidelines. “Based on the suggestions by states, information related to lockdown 4 will be given to you before 18th May. We will fight corona and we will move forward,” the PM said.
The details of the economic package will be announced by Finance Minister Nirmala Sitharaman in the coming days. PM Modi's address comes a day after he held a marathon six-hour meeting with chief ministers, and five days before the third phase of the nationwide coronavirus lockdown is to end.
Stressing that “we have to protect ourselves and move ahead as well”, Prime Minister Narendra Modi, in his address to the nation. PM also said the fourth phase of nationwide lockdown would be different and have new rules and guidelines.
“I announce a special economic package today. This will play an important role in the ‘Atmanirbhar Bharat Abhiyan‘. The announcements made by the government on Covid-19, decisions of RBI, and today’s package totals to Rs 20 Lakh crore. This is 10 per cent of India’s GDP,” PM Narendra Modi said.
Emphasising that the special economic package would focus on land, labour, liquidity and laws, PM Modi said it would benefit labourers, farmers, honest taxpayers, SMEs, and cottage industry. “Beginning Wednesday, Finance Minister will announce details of the special economic package,” PM Modi said.
With the third phase of the lockdown expiring on May 17, PM Modi said the next phase would be different and have new rules and guidelines. “Based on the suggestions by states, information related to lockdown 4 will be given to you before 18th May. We will fight corona and we will move forward,” the PM said.
Calling it an unprecedented crisis, the PM said making the country self-reliant was the only way to make the 21st century belong to India. “India’s self-reliance will be based on five pillars — economy, infrastructure, technology-driven system, vibrant demography, and demand,” he said.
“When India speaks of self-reliance, it does not advocate for a self-centered system. In India’s self-reliance there is a concern for the whole world’s happiness, cooperation and peace,” PM Modi said.
The PM said when the Covid-19 crisis started, not even a single PPE kit was manufactured in India and only a few N95 masks were available. “Today 2 Lakh PPE kits and 2 Lakh N95 masks are manufactured in India daily,” PM Modi said.
PM Modi first addressed the nation over India’s coronavirus preparedness in March. On March 22, he proposed a janata curfew for a day.
PM Modi first addressed the nation over India’s coronavirus preparedness on March 19, where he announced a “janta curfew” on March 22. On March 24, he announced a 21-day nationwide lockdown. On April 14, he extended the lockdown period till May 3. On April 3, in a video message, Modi asked the nation to light lamps for frontline corona warriors on April 5. The lockdown was further extended till May 17 by the Home Ministry.