While addressing the nation on May 12, 2020, Prime Minister (PM) Narendra Modi announced Rs 20-lakh-crore stimulus package, equivalent to about 10% of India’s GDP.This package is an effort to revive the Indian economy which is facing adownward trend amid lockdown imposed to contain COVID-19. He also announced Lockdown 4.0 whose details will be disclosed before May 18, 2020.
- It should be noted that this package is the sum of earlier announcements by the government during covid-19 crisis and decisions taken by RBI viz. liquidity measures and rate cuts.
- The details of the plan are dubbed as “Atmanirbhar Bharat Abhiyaan” (self-reliant India) which is to be provided by Nirmala Sitharaman on the eve of May 13, 2020.
- PM Modi stated the five pillars of India which areeconomy, infrastructure, system, demography and demand.
Overview of package:
-The Rs 20 lakh crore package includes Rs 1.7 lakh crore package of free foodgrains to poor and cash to poor women and elderly.
-There will be a special economic package for labourers, farmers, honest taxpayers, Micro, Small & Medium Enterprises (MSMEs), middle class, and cottage industry.It will focus on the well-being of migrant workers too.
Vocal about Local
The Covid-19 crisis had taught India that all our demands during the crisis were met locally. Now, it is time to be ‘vocal about local’ products and help them become global. Simply buy make in India or local products and advertise them also.
Apart from above, PM Modi approved ex gratia of Rs2 lakh each to the kin of the 16 migrant labourers who were run over by a goods train in Maharashtra’s Aurangabad on May 8, 2020.