PM announces Rs 20 Lakh Crore economic package for the nation

In the fifth address to the Indian citizens on May 12, 2020, our Prime Minister Narendra Modi announced a new economic package for the welfare of the country. He said, “This coronavirus disease outbreak has provided India a great chance to be independent and self-sufficient and for that for we have declared a Rs 20 lakh crore package which is 10 per cent of India’s total GDP.”

He also added with the fact that this 21st century belongs to India and this is the perfect chance to be independent and focus on the most important pillars of India.

Economy Plan - PM Modi asked citizens to move away from making any big changes in the economy.
Build Infrastructure - India should build such an infrastructure and foundation that does justification to title ‘Modern India’.
Tech System - We need to come up with more advanced and technologically driven systems and methods.
Demography - India needs to build more strength and skills by analysing its population.
Demand - We also need a very well-operating market and local supply chains that can meet the requirements of people.

This 20 Lakh Crore package will also include different parts of our economy like MSMEs (Ministry of Micro, Small and Medium Enterprises), industries, agricultural sector, labourers, ordinary man, and other weak sections of our nation.

Moreover, Prime Minister added that India and its people will see how this Rs 20 lakh crore economic package will be adequately used in the coming weeks.

Summoning the self-reliant and independent model of India our Prime Minister mentioned about India and its skilled labourers who are making 200,000 PPE suits and N95 masks daily. These amount of masks and suits were not even made before the COVID-19 pandemic. As the coronavirus disease is increasing our need for more suits and masks are increasing too.

The economic package will make our country become self-reliant, self-sufficient, self-sustaining, independent or whatever you want to call it. This is only possible when we start creating and developing local supply chains and strengthening these local chains, especially during the lockdown when these local suppliers can be greatly beneficial.

This can definitely be an excellent way to build back the broken supply chain. Don’t you think?

Prime Minister Modi, throughout his entire speech, emphasised on being “Aatma Nirbhar Bharat” that means being self-sufficient, self-reliant. The purpose being ‘vocal for local’, strengthening local products and services and growing local supply chains.

He also told Indian citizens to wait and be patient while our experts are working on a cure/vaccine for this coronavirus disease. He requested all to stay inside, practice social distancing and wear masks to prevent transmission of this deadly virus.

“The time has surely convinced us that we must make ‘local’ the mantra of our lives. International brands supplying in India were local too, but when we began to support them, they grew global. That is why from now, every Indian must enhance vocal for our section,” Prime Minister Modi said.