With only five days left for the end of Lockdown 3.0, Prime Minister Narendra Modi made an address to the nation on May 12, announcing an Economic Package of Rs. 20 lakh crore to provide support to the struggling economy.
Modi claimed that this move will usher the way for India to become self-reliant, as he urged the citizens of the country to purchase local goods and drive local demand to meet domestic supply.
Here are the key highlights from his address:
1. Economic Package
Stressing on his earlier point on self-reliance, Modi pledged an amount of Rs. 20 lakh crore, or 10% of India's GDP, to drive demand and supply chain, and pick up the economy. He elaborated on the package by stating the following points:
- "This package is meant for the cottage industry, MSMEs, farmers, migrants and the middle class," he said.
- The package will be implemented on land, labour, liquidity and law areas.
- Details of the Economic Package to be provided by Finance Minister Nirmala Sitharaman over the course of a few days, starting from tomorrow.
- Bold reforms and stimulus packages to be announced soon.
- Measures taken to increase efficiency in all sectors.
- "The package has announcements meant for everyone."
- Local packaging, manufacturing and supply chain has also been included
2. Buy Local
While announcing the Economic Package, Modi urged the citizens of the country to buy local products in order to support local producers and match India's demand and supply chain.
"These times have taught us to make 'local' the mantra of our lives. Global brands of today were once local too but when people around the world started supporting them they became global. That is why from today, every Indian must become vocal for our local," he said.
3. Lockdown 4.0
He also announced an extension to the ongoing lockdown by mentioned the eventuality of a Lockdown 4.0. He also mentioned that this lockdown will be different from the previous ones and more 'colourful', with the details to be announced by May 18, by the respective states and the Central government.
4. Production of PPEs and N95 Masks
While referring to the pandemic, Modi stressed on how India has turned this tragedy to an opportunity by striving to be self-reliant. To make his point, he claimed that while there was no production of personal protective equipment (PPE) and N95 masks, we now produce nearly 2 lakh units of both daily.
5. Five pillars of India
Modi stated that India stands on five pillars - "Economy, infrastructure, system, vibrant demography and demand."