PM Modi’s Rs 20 lakh crore special economic package: Prime Minister Narendra Modi, in his quintessential shock-and-awe style, yesterday announced a humongous economic package, including previous packages by RBI and the government, to make India a self-reliant economic powerhouse in the decade to come. The economic package, worth Rs 20 lakh crore, is larger-than-expected and is equivalent to 10% of India’s GDP. The special economic package will be targeted towards all classes of society, for all Indians and industry, Narendra Modi said. With the announcement, PM Narendra Modi sought to turn the unprecedented coronavirus crisis into an opportunity of a lifetime for India. He underlined five pillars of a self-reliant India — economy, infrastructure, demography, system, and demand. Besides, the Prime Minister strongly suggested to not only prefer using the local products but also publicise it with pride, in his words, to become ‘vocal for local’. Further, Finance Minister Nirmala Sitharaman, beginning today, will share the details of various economic packages as part of the Rs 20 lakh crore programme. Finance Minister Nirmala Sitharaman will address a press conference later today at 4 pm. The government’s move comes at a time when the entire country, including businesses and industries, was struggling through a financial crisis and was looking for economic package 2.0. Industry captains welcomed the move whole-heartedly.
Watch: PM Modi’s Rs 20 lakh crore package more than expected; India reforms best during crisis