Modi announces special economic package of Rs 20 lakh crore for 'self-reliant' India

New Delhi, May 12:Prime Minister Narendra Modi announced a special economic package and said that the recent decisions by the government, the decisions by the RBI combined with Tuesday's financial package announcement come to about Rs 20 lakh crore - nearly 10 per cent of India's GDP.

''I announce a special economic package today. Special economic relief package for the nation will amount to ₹20 lakh crore which is nearly 10 per cent of GDP. The announcements made by the govt over Covid-19, decisions of RBI and today's package totals to ₹20 lakh crore. This will play an important role in the 'Atmanirbhar Bharat Abhiyan,'' PM said.

There is an unprecedented crisis but India will neither get tired nor give up the fight against coronavirus, and asserted that "we have to protect ourselves and move ahead as well". 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.

India is standing on five pillars --economy, infrastructure, governing systems, vibrant democracy and supply chain.

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 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.

Stressing on the needs of small local businesses and systems, PM Modi advocated for a push to country-made products and urged people to be 'vocal for local'.

Modi said the world has been battling the pandemic for over four months now. Over 3 lakh people have succumbed to the infection, he says, condoling the deaths.

''Lot of families in India have lost their dear ones to coronavirus. This crisis is unprecedented, but we will not yield, says PM Modi.

The Prime Minister's address comes a day after he held a meeting with Chief Ministers of all states and Union Territories to discuss the strategy for easing relaxations after the third lockdown ends May 17. He asked the Chief Ministers to share with him a broad strategy by May 15 on how to deal with various nuances after the gradual easing of the lockdown.

The meeting lasted for nearly six hours that saw the Prime Minister and Chief Ministers discussing various aspects of the situation arising out of the pandemic and the nationwide lockdown.

On March 24, Modi announced a 21-day nationwide lockdown. The next time he addressed the nation was on April 1. He announced to extend the lockdown by 19 days till May 3. On April 3, in a video message, PM Modi asked the nation to light lamps for frontline corona warriors on April 5. The lockdown, according to a notification issued by the Home Ministry, was further extended till May 17.