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FM to unveil today details of Economic Repair Package announced by PM

 

By TIOL News Service

NEW DELHI, MAY 13, 2020: IN his address to the Nation last evening, the Prime Minister, Mr Narendra Modi, put emphasis on making India self-reliant and also unfolded a new Mission i.e. Atma Nirbhar Bharat. In this context, he also announced an economic repair package worth Rs 20 lakh crore - 10% of the GDP. He also talked about the future roadmap for rebuilding the Indian economy with some structural reforms.

The PM said that the self-reliant India would stand on five pillars - Economy, an economy that brings Quantum Jump rather than Incremental change; Infrastructure, an infrastructure that became the identity of modern India; a tech-driven system not based on the policy of the past century; India's demography and demand.

The PM also unfolded a special economic package worth Rs 20 lakh crore and it would, he said, give a new impetus to the development journey of the country in 2020 and a new direction to the Self-reliant India campaign. In order to prove the resolve of a self-reliant India, Land, Labor, Liquidity and Laws all have been emphasized in this package which is to be officially detailed in a phased manner by the Union Finance Minister, starting from today.

The PM said that the economic package is for India's cottage industry, home industry, our small-scale industry, our MSME, which is a source of livelihood for millions of people, which is the strong foundation of resolve for a self-reliant India. This economic package is for the middle class of our country, which pays taxes honestly and contributes to the development of the country. This economic package is for Indian industries, which are determined to give a boost to the economic potential of India.

Mr Modi said that COVID-19 has shown the country the importance of Local manufacturing, Local market and Local supply chain. "In times of crisis, this Local has fulfilled our demand, this Local has saved us. Local is not just the need, it is our responsibility also. Time has taught us that we must make the Local as a mantra of our life. The Global Brands you feel today were sometimes also very local like this. But when people started using them, started promoting them, branding them, proud of them, they became Global from Local Products. Therefore, from today every Indian has to become vocal for their local, not only to buy local products, but also to promote them proudly," he added.

 


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