Prime Minister Narendra Modi in his address to the nation announced a mega economic package to fulfil India’s dream of self-reliance.
Prime Minister Modi said that the total economic impetus by the government following this package will stand at a whopping Rs 20 lakh crore – which roughly translates to 10 per cent of India’s GDP. This figure will include the measures already announced by the Finance Ministry and the RBI.
This package focuses on four key aspects – land, labour, liquidity and laws and is especially aimed at India’s farmers, workers, middle class and businesses. It will cater to various sections including cottage industry, MSMEs, labourers, middle class, industries, among others.
The detailed breakup of this package will be given by the Finance Ministry in the coming days.
Prime Minister said that several bold reforms are needed to make the country self-reliant, so that the impact of crisis such as COVID, can be negated in future. These reforms include supply chain reforms for agriculture, rational tax system, simple and clear laws, capable human resource and a strong financial system.
The Prime Minister said that in addition to the economic package, India will implement various reforms and heighten its participation in the global supply chain.
Prime Minister Modi also stressed on the need to promote local products, “We should not only purchase local products but also promote them globally.