Prime Minister Narendra Modi on Tuesday in his nation’s address listed out five pillars for India to stand strong as a self-reliant nation amid the novel coronavirus pandemic.
He listed growing a new economy, creating a state-of-the-art infrastructure, setting up a technology-based delivery system, leveraging the young demography and exploiting domestic demand as necessary.
The Prime Minister also announced a Rs 20 Crore economic package to tackle the unprecedented crisis triggered by the coronavirus crisis. The package amounting to 10 per cent of GDP, will help India realise its full potential, he said. The package is to be ‘factored on land, labour, liquidity and law’ and will promote Make In India even while rescuing MSMEs, farmers and others, he added.
The sum also includes the earlier financial relief declared by the Financial Minister Nirmala Sitharaman worth Rs 1.17 lakh crore.
The announcement came at a time when states have been demanding a fiscal stimulus package from the Centre and more financial options to tide over the financial crunch arising due to COVID-19 outbreak. The states were seeking support for MSMEs, infrastructure projects such as power, easing of interest rates on loans and assured market access to agricultural produce.
"In this hour of crisis, local suppliers have met our demands; Indians have to be 'vocal about local' and buy products from them," said Modi.
He urged the nation to be "vocal for local." Further, he divulged that the special economic package is for our labourers, farmers, honest taxpayers, MSMEs and cottage industry, among others. The finance minister will announce details of the special economic package starting Wednesday.
PM Modi’s address comes a day after he held a six-hour meeting with chief ministers, with several states, including Maharashtra, Punjab, Telangana and West Bengal, seeking an extension of the lockdown.