Economic package to build self-reliant but not isolationist India: Nirmala Sitharaman

New Delhi, May 13: The Rs 20 lakh crore economic package announced by Prime Minister Narendra Modi essentially aims to spur growth and build a very self reliant India, said finance minister Nirmala Sitharaman.

"The Prime Minister laid out a comprehensive vision, and that vision was laid out after wide consultations with several sections of the society," she said.

The finance minister also listed out the five pillars of an 'Atmanirbhar Bharat', Economy, infrastructure, technology driven system, demography and demand.

The finance minister reiterated the importance of "self-reliant India" (atma nirbhar bharat). She then went on to translate the term 'atma nirbhar Bharat' in four South India languages - Tamil, Kannada, Telugu and Malayalam.

Atma-nirbhar Bharat' does not imply isolationism or becoming exclusionist. We will build capacities, skill people and compete globally acquiring strengths. We will build the local. After all, every global brand began with their local strength. We shall integrate with GVCs.

She laid out a comprehensive vision after a "wide and deep consultation with several sections of our society". "These discussions were held at various levels," she said.

The Finance Minister's address came a day after Prime Minister Narendra Modi addressed the nation and urged people to purchase and propagate local produce and products to support local producers and manufacturers.