PM announces total economic stimulus of Rs 20L cr, 10% of GDP



PM announces total economic stimulus of Rs 20L cr, 10% of GDP
Prime Minister Narendra Modi on Tuesday announced a massive financial package to revive the country's economy by announcing a total stimulus of Rs 20 lakh crore, or 10 per cent of the country's GDP.
This amount also includes the earlier packages announced by the Ministry of Finance and the Reserve Bank of India (RBI).
Addressing the nation for the third time during the lockdown, the Prime Minister said that it is now the time to make India self-reliant in every way.
Modi also talked about new infrastructure and systems for a quantum leap of growth.
Announcing an economic package to tide over the coronavirus crisis, Prime Minister Narendra Modi on Tuesday said the Indian economy should take a quantum jump, and not in incremental manner.
Addressing the nation on Tuesday evening, Modi said that economy, infrastructure, demography and demand would be among the major features of India in the coming days.
"We need to have such an economy that makes a quantum jump, and not in an incremental manner," he said.
Stressing the need for robust infrastructure, he said India should develop an infrastructure which becomes its identity.
Talking of the large demand-base in the country, the Prime Minister said the demand and supply chain of the economy should be used to the fullest.
Announcing the Rs 20 lakh crore package, he said the country would have to move forward with bold reforms and also become self-reliant.
He also stressed the need for buying and promoting local products. "Every Indian will have to be vocal for local," Modi said.
He announced the "Aatma Nirbhar Bharat Abhiyaan" (Self-reliant India Campaign) which would involve an outlay of Rs 20 lakh crore.
Modi said the details of the package would be outlined in the days ahead by Finance Minister Nirmala Sitharaman.
Source: IANS