PM announces fiscal package; focuses on self-reliance

NEW DELHI: In his May 12th address to the nation, Prime Minister Narendra Modi announced that the Central Government will be allocating a fund of Rs 20 lakh crore. This is to boost the economic conditions of street vendors, small and medium business enterprises, farmers, middle-class, etc. The details of the package will be announced by the Finance Minister in the coming days.

With the economic booster in place, which is one-tenth of the total GDP of the country, Modi expects that the post COVID-19 era would bring India several opportunities, and given the nation’s track record, it is expected that India would rise to the occasion and embrace the opportunities ahead. He underlined that it is a general perception that the 21st century belongs to India.

Further, the PM emphasised that Indians need to rely more on local manufacturing, markets, supply chains in order to make India more self reliant economically during this time. “Be vocal about local”, he said. Regarding the status of the lockdown, Modi mentioned that it will continue into its fourth phase, however, the impositions would vary from the past renditions of the lockdown. He further said the conditions would be discussed with the Chief Ministers and the announcement would be made before May 18.