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PM Narendra Modi declares an economic package of ₹20 Lakh Crore

May 13, 2020

On 12 May, PM Narendra Modi declared a ₹20 Lakh Crore package named ‘Atmanirbhar Bharat Abhiyan package’. This stimulus package is equal to approx. 10% GDP of India. With this economic package, PM Modi aims to revive the stagnant economy and make the nation self-reliant. He said that the new supply chain reforms will give rise to a rational tax system, capable human resources, agriculture, strong financial system as well as simple and clear laws. These reforms will strengthen the ‘Make in India’ campaign, attract investments, and promote business. Such bold reforms are necessary to overcome future crises which might emerge due to pandemics like COVID-19.

Atmanirbhar Bharat Abhiyan

PM Narendra Modi urges to focus on local markets

While addressing the nation in his latest speech, PM Modi talked about focusing on local manufacturing, supply chains, and markets. The COVID-19 pandemic has made the nation realize how crucial these key elements are. PM Modi said that all the demands of the nation were met locally during the on-going crisis. The local products should turn into global ones and so, it’s for us to be ‘vocal about local products’. He further said that the globalised world witnessed a change in the definition of ‘self-reliance’. Self-reliance is no more about being self- centered. The culture of India considers the globe as one big family. The progress in India contributes to the overall progress of the world. He also added that the world knows how India has still a lot to significantly contribute to the entire humanity’s development. 

Union Finance Minister, Nirmala Sitharaman will announce the details of the ‘Atmanirbhar Bharat Abhiyan package’ in the evening today. She conveyed in her tweets that the package won’t be just a financial one, but also a mindset overhaul, a reform stimulus, and a thrust in governance.

 

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