PM Narendra Modi Speech Highlights: INR 20,00,000 Crore Economic Package AnnouncedTop Stories

May 13, 2020 11:22
PM Narendra Modi Speech Highlights: INR 20,00,000 Crore Economic Package Announced

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In the address to the nation that PM Narendra Modi did on May 12, 2020, the Indian government announced an economic package amounting to INR 20,00,000 crore for the aid of land labour, MSMEs, and help strengthen the economy of the country under the Atmanirbhar Bharat Abhiyan.

It has been four months the world is fighting COVID-19. More than 42 lakh people from different countries have been infected by COVID-19. More than 2.75 lakh people have lost their lives due to the virus. In India too many families have lost their dear ones, I express my condolences to them,” said PM Narendra Modi.

Starting the conference, PM Modi lauded the countries efforts in fighting the pandemic, appreciating how the country has converted something tragic into an opportunity.

"Before the outbreak, we didn't have PPE or enough N95 masks, now we have at least 2 lakh of protective equipments,” PM Modi further added.

India is currently manufacturing over 2 lakh PPE and masks every single day to meet the growing demand. The same was not being done before on such a large scale. This signifies how India is moving towards self-sufficiency.

Modi further emphasised the need to return back and fight through the crisis, especially if we want to make the 21st century India’s. He said that making 21st century belong to India, it should not just be a dream but a responsibility beyond words.

India’s self reliance also addresses the concerns correlating to the world’s happiness, peace and cooperation at this point. Given how India has been touted one of the leading countries in the field of pharmacy, the supply of the medicines to other countries from India has instigated hopes in the world in fighting this battle of life and death.

"With these steps, when India is being praised everywhere in the world, every Indian feels proud," Modi proudly addressed.

Modi further clarified that when the country talks about self reliance, it is not highlighting the capital centric world but for the welfare of the humanity at large, as stated under Vasudhaiva Kutumbakam.

“This crisis is neither heard of not seen before, it's unprecedented... we need abide by the rules of engagement in this war against coronavirus. We need to take cover as well as march forward in our fight. Our resolution will be greater than the magnitude of this crisis," said PM Modi.

He further said that standing at the crossroads in such crucial times, the country has been able to convert the disaster into an opportunity.

Modi also listed out the five pillars of the self reliant India, suggesting them to be economy, infrastructure, tech-driven system, vibrant demography and demand.

Following that, PM Modi also announced an INR 20,00,000 crore for economic stability of India focusing on land, labour, liquidity and laws. The same is about 10% of India’s GDP and is aimed at the middle class, the business community along with the honest tax payer of the country.

Modi consistently emphasised the importance of self-reliance and self-dependency of India being one of the key factors into regaining the lost strength and the hit to the economy.

He gave the example of Kutch and the devastation it experienced after the terrible earthquake. He emphasised how Kutch was able to get back on feet and that is what the main resolve of the country should be about. Modi said that India has both – the resources and the resolve.

"I announce a special economic package today. This will play an important role in the 'Atmanirbhar Bharat Abhiyan'. The announcements made by the govt over COVID, decisions of RBI & today's package totals to Rs 20 cakh crores. This is 10% of India's GDP. Special economic package is for our labourers, farmers, honest taxpayers, MSMEs and cottage industry," Modi said.

PM Modi further emphasised that the Covid-19 is going to part of our lives now, but it is something we need to fight and overcome. He also applauded all the local suppliers who have met the country’s demands during this time of crisis. He urged the people to buy from local brands instead of being reliant on the international ones.

Modi also highlighted the possibility of Lockdown 4.0, saying that the rules and restrictions in this phase will be different. He assured that the people will be informed about the changes in rules and regulations before May 18, when the lockdown 3.0 ends.

Indians need to be more vocal about the local products and support local businesses henceforth. He said that the global brands that we now rely on were once local and since these local supply chains have been a strong support during this time of crisis, it is extremely important to give back to them just as equally.

Lauding PM Modi’s speech and initiatives, Finance Minister of India, Nirmala Sitharaman took to Twitter to further urge the citizens to make “local our mantra”. She further emphasised that the AatmaNirbhar Bharat is what is going to build the 21st century of our country.

String of BJP leaders also shared their views after the speech made by PM Modi, lauding his efforts and vision.

By Somapika Dutta

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