PM announces Rs 20 lakh crore economic package; hints at lockdown extension, with more relaxations

Prime Minister Narendra Modi on Tuesday announced a ₹20 lakh crore economic package for what he called "Mission Self-Reliant India" to tide over the coronavirus crisis. "This package is for migrants and farmers who work for the nation day and night, no matter the circumstances," the Prime Minister said, addressing the nation.

The special economic package would be the main component of "Atma-Nirbhar Bharat (self-reliant India)," he said.

“Land, labour, liquidity and law has been looked at closely. MSMEs, small business, co-operative business have been given special attention in the package,” the PM said.

Details of the package are to be announced by Finance Minister Nirmala Sitharaman starting tomorrow, he said.

"The package will focus on land, labour, liquidity and law; it will help small business, labourers, farmers," the PM said.

Speaking about the coronavirus pandemic, PM Modi said: "A virus has ravaged the world; we have never seen or heard a crisis like this." The only way for India to triumph over the crisis was to "strengthen our resolve so that our resolve is even greater than this crisis," he said.

He said India must realize its potential as the lead player in the 21st century by focusing on its self-reliance.

The Prime Minister also hinted at an extension of the lockdown, but indicated that further relaxations may be in the offing after the current lockdown ends on May 17.

Here are some other quotes from the Prime Minister's speech:

--The five pillars for a self-reliant India are: economy, infrastructure, a technology-driven system, vibrant demography, supply-demand chain.

- It has been more than four months since the world is waging a battle against Covid-19. One virus has brought the world down to its knees. This crisis is unprecedented but human race cannot be defeated. We must save ourselves and at the same time progress.

- We have to be more determined than ever and need to further strengthen our resolve, he said. The world talks about that 21st century belongs to India. A self-reliant India is the way ahead.

- There was a time when PPE kits were not made in India and hardly any N-95 masks were produced. As many as two lakh PPE kits and those many masks are being made in India now.

- India has given ray of hope to the world, and its culture has stressed that the world is a family. India has never been self-centered, and it's definition of self reliance takes into account the needs of a globalized world.

-PM Modi mentioned about the earthquake in Gujarat's Kutch in 2001. He said that although we saw the destruction brought by the quake, we also saw how Kutch got back on its feet.

-The ‘local’ has saved us. It is not only a necessity but also our responsibility. Local has to become our "jeevan mantra." Today's global brands were all once local. Every citizen has to be vocal for local.

-India is committed towards bold economic reforms. This package is for those who will take India forward. The package will have important announcements for every sector as all of us have been touched by coronavirus.

-We have to be stronger. We have to save ourselves and keep moving forward at the same time. We have been hearing that 21st century will belong to India, but this is not just a dream but our responsibility too. But how to achieve it?The current world situation shows, there is only one way: self-reliant India.