PM Modi : Rs 20 Lakh Crore Special Economic Package Announced, Check Details Here

Posted in Current Affairs on May 12, 2020

Prime Minister Narendra Modi has begun his address to the nation. PM Modi began his address by paying his condolences to all those who have lost their family members to the deadly virus.

PM Modi : Rs 20 Lakh Crore Special Economic Package Announced, Check Details Here

PM Modi : Rs 20 Lakh Crore Special Economic Package Announced

We have never seen or heard of such a crisis ever before, said the Prime Minister. He further added that it is unprecedented for the entire world. He added by saying that we cannot be tired or give up at this point.

Bachna hai aur Agge Badhna hai: PM Modi

PM Modi started his speech by saying that the world has been battling COVID-19 since almost 4 months on war-footing. He termed the crisis as an unprecedented event in the history of mankind. He said that going forward, we have to protect ourselves from the virus while also moving ahead with our lives.

“We have to save ourselves from this crisis and move ahead at the same time. It is time that we further strengthen our resolve. It has always been said that the 21st century will be India’s century. But what will be our way to achieve this. The current situation of the world has taught us that the only way to achieve this is to become self-reliant,” said PM Modi.

Self-Reliant India, key to moving ahead: PM Modi

While applauding India and its citizens for their discipline for their patience during the lockdown, PM Modi said that looking at the global outlook, India needs to find a way to move ahead. He said India today stands at an important juncture where it has to decide to become self-reliant while also supporting world and other countries in overcoming the challenges that they face.

India has begun developing its own PPE kits, a significant step towards making India self-reliant. The Prime Minister said that today, the meaning of self-reliant is changing globally. “A self-reliant India will lead to a prosperous world. India’s efforts are being praised across the world. The world has started believing in India’s capabilities,” reiterated PM Modi.

“We have the talent, we will make the best products and further strengthen the supply chain,” affirmed PM Modi. The Prime Minister further spoke about the destruction that was caused to Kutch during the 2002 Gujarat earthquake. Kutch, which was reduced to rumbles, has now stood up again. India can also similarly rebuild itself.

India’s success to be built of 5 Pillar of Self-Reliance: PM Modi

The Prime Minister announced 5 pillars of a self-reliant India, which will lead the world into the 21st century:

  1. Economy that will bring quantum jump, not just incremental change.
  2. Infrastructure that becomes a symbol of modern India.
  3. System which is technology-driven and fulfill the dreams of the 21st century and is not based on the policy of the past century.
  4. Demography which is our strength and source of energy for self-reliant India.
  5. Demand: Cycle of Supply and Demand to boost economy and provide the  power to harness its full potential.

PM announces special economic package to make India self-reliant

PM Modi announced a special economic package worth Rs 20 lakh crore to enable self-reliant India. The Prime Minister said that the economic and financial announcements made by Finance Minister and RBI amount to a total of Rs 20 Lakh Crore. The new economic package will aim to provide relief to the labourers, farmers, the middle and the industry, who have suffered the most during the lockdown. The Finance Minister will be making a detailed announcement regarding this special package tomorrow. The special financial package will help revive economy, which is currently reeling under the lockdown effects. 

Lockdown 4.0

While confirming that there will be Lockdown 4.0, the Prime Minister said that this lockdown phase will be very different, as it will enable us to both fight against coronavirus and move ahead at the same time. All details regarding lockdown 4.0 will be announced before May 18. The Prime Minister reiterated that coronavirus will not go away anytime soon.  

PM announces ex-gratia of Rs 2 Lakh for Migrants run-over by Train

Earlier in the day, PM Modi announced ex-gratia of Rs 2 lakh each for the 16 migrant labourers who were run-over by a goods train in Aurangabad district of Maharsahtra. For labourers who were seriously injured in the incident, compensation of Rs 50,000 has been approved. The ex-gratia amount to the migrant labourers has been sanctioned from Prime Minister’s National Relief Fund (PMNRF). The incident took place on 8th May 2020. 

Background

The Prime Minister’s address comes a day after he held a long discussion with all the Chief Ministers of the states and union territories. The Prime Minister’s discussion with the CMs stretched up to almost six hours.

The PM-CM video conference was held to discuss the way ahead for India in its fight against coronavirus pandemic. During the meeting, the Prime Minister sought suggestions from the Chief Ministers on they would want to implement the lockdown in their respective states.

The nationwide lockdown which began on March 25, 2020 is scheduled to end on May 17, 2020. It was extended for the first time till May 3rd and then till May 17th.