'Self-reliant India is the way ahead': Modi announces spl package

New Delhi:  In a big push to revive the economy, Prime Minister Narendra Modi on Tuesday announced a Rs 20 lakh crore package, which combined the government’s recent announcements on supporting key sectors as also measures rolled out by the Reserve Bank of India.

In a televised address to the nation, the prime minister said the details about fourth phase of the lockdown will be made known before May 18, adding it will be different from the earlier phases. The third phase of the lockdown ends on May 17.

About the financial package, he said it will be around the 10 per cent of the GDP and will address problems of a wide range of sectors as well as difficulties of the migrant workers.

The prime minister said the goal of the country will be to become self-reliant, and identified economy and infrastructure as key drivers for it.

The prime minister also hinted at big-ticket economic reforms in coming days, adding details of the economic package will be given by Finance Minister Nirmala Sitharaman.

Special economic package is for our labourers, farmers, honest tax payers, MSMEs and cottage industry, the prime minister said in a televised address to the nation.

Excerpts from the address:

One virus has shaken up the whole world. The universe is fighting this never seen, never heard before crisis. However we are not willing to accept defeat. We now have to save lives and move forward with protection.

Self reliant India is the way ahead for us. India has the vision to turn the crisis into an opportunity said PM citing example of how India has been producing PPE kits and N95 masks internally.

If we resolve no path is difficult for us. We have the will and the resolve to make India self reliant.

India’s self reliance will be based on five pillars – economy, infrastructure, technology driven system, vibrant democracy and the demand-supply chain.