Key Takeaways From PM Modi's Speech: ₹20 Lakh Crore Stimulus, Lockdown 4.0 With New Rules
In an address to the nation, Prime Minister Narendra Modi announced a special economic package and said that lockdown will continue post-17 May but in a different avatar
At the end of the ninth day of Lockdown 3.0, Prime Minister Narendra Modi on Tuesday evening addressed the nation through a 33-minute speech and stressed on the need to become self-reliant. This was followed by an announcement of a “special economic package” worth ₹20 lakh crore to overcome the crisis triggered by the coronavirus pandemic. The economic package is almost 10 per cent of the current GDP.
Here are the key takeaways for you from the Prime Minister’s speech:
1. Calling it an ‘Atmanirbhar Bharat Abhiyan’, PM Modi said that all the recent decisions taken by the Reserve Bank of India and the government’s measures along with the package announced on Tuesday would amount to an economic stimulus of ₹20 lakh crore or nearly 10 per cent of India’s Gross Domestic Product (GDP).
2. This economic package, he said, will focus on four areas—land, labour, liquidity and laws, and will be especially directed towards MSMEs, cottage industries, labour-intensive industries and farmers.
3. To ensure that enough money was in the hands of the poor, the Prime Minister said that going forward India will focus on strong financial systems, better human resources and better implementation of tax systems and laws.
4. On the extension of the lockdown, Prime Minister Modi said that it would continue but in a new dimension. “Scientists say that corona will be a part of our lives for a very long time. But we can’t let our lives remain confined because of it. We will wear masks and maintain social distancing but we will not let it affect us. So lockdown 4.0 will be in a new form with new rules,” PM Modi said.
5. Meanwhile, India’s total confirmed coronavirus cases have climbed to 70,756, with 46,008 active cases, 22,454 recoveries and 2,293 deaths by Tuesday evening, according to the Ministry of Health and Family Welfare data.