Prime Minister Narendra Modi has announced a special economic package, and said the recent decisions by the government, the decisions by the RBI combined with the May 12 financial package announcement come to about ₹20-lakh-crore — nearly 10% of India’s GDP.
There is 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, he said.
His speech comes a day after he interacted with Chief Ministers on May 11 on ways to deal with the spread of coronavirus and also boost economic activity.
Here are the highlights from his speech:
Prime Minister announces lockdown 4.0, details to be shared before May 18
"Corona crisis has also taught us the importance of local supply chains, local markets has stepped into help us. Time has taught us that we have to now think local. Even global brands were once local. When people used it, branded these products, marketed them, those products became global from local. We need to be vocal for our local products. Not just buy but also publicise them.
"Whenever I have asked anything of you , you have always responded, as in the case of when I asked you to buy Khaadi. Very quickly sales peaked. It is a small example but important on what can be done. This crisis is big but we cannot allow COVID19 to define us.
"Thus Lockdown 4 will be of a new kind. Based on suggestions from the states details of this will be shared with you before May 18, says the Prime Minister.
" Sarvam Aatmam Vasham Sukham. That which is in your control gives you happiness. We have to move ahead with new energy. We and we will make India self reliant," says Narendra Modi.
Daily wagers, migrant labourers have suffered much in this period, says PM
"From tomorrow, FM will give details of this Self Reliance campaign package. We need to go forward with bold reforms. You must have seen that some of the reforms of the last six years have helped in this crisis. Who could have thought that the money this government sends will reach the beneficiaries directly? Especially when everything was shut down.The JAM trinity had this effect. Now we are expanding these reforms.
"Self reliance is possible with self confidence and acting with strength. To compete in the global supply chain we need to act with strength. Friends, this crisis is so big that many systems have shaken but in this same time we have witnessed the strength of our workers and poor. Daily wagers, migrant labourers have suffered much in this period. It is our duty now to do something for them. Keeping this in mind , there are important decisions for them," said Mr.Modi
PM Modi announces ₹20 lakh crore financial package
"If you remember the year 1999 and people were worried about Y2K, it was Indian ingenuity that worked. I remember very clearly the devastation of the earthquake in Kutch. And how Kutch stood again. Today we have the will and the way.
"Five pillars will prop up this edifice; 1) Economy that doesn’t talk of incremental change but a quantum jump. 2) Infrastructure 3) Technologically driven systems 4) Demography is our strength. Source of our energy 5) Demand - we need to stoke demand and every spoke of our supply chain has to be strengthened.
"This supply chain will have the aroma of our country and the sweat of our labour.
"Special economic package for self reliant India campaign. This is a package is of ₹20 lakh crores, 10% of the GDP (approximately). The support to our economy will give our campaign momentum. In this package, land, labour , liquidity and laws have been taken into account. Our cottage, MSME and village industries have been taken into account. This will be aimed at our farmers and labourers," Mr. Modi adds.
The world is convinced that we can contribute for the betterment of humankind: PM Modi
" We are at an important cross roads. This big crisis carries with it a message, and an opportunity. For example: when this crisis first hit us we did not produce a single PPE kit nor N95 masks . Now we have reached a stage where we produce 2.5lakh PPE and 2.5lakh N95 masks a day. The definition of self reliance is changing in the world, Mr. Modi adds
"From globalised capital to globalisation of human capital. For us, our ethos is Vasudhaiva Kutumbakam Our definition of self reliance is about including everyone, who believe the earth as mother. When such a country becomes self reliant, then the prosperity and happiness of the world is included in it. The aims and works of India have an impact on the prosperity of the world. When we end open defecation, it impacts the world. Our fight against TB, polio also impacts the world. When we send out medicines that we produce here it impacts the world. The world is convinced that we can contribute for the betterment of humankind," says the Prime Minister.
It is our responsibility to look at this crisis to make this India’s century, says the PM
"One virus has played havoc with the world. The whole world is occupied in a war to save lives. We have not seen such a crisis before. But humanity is persisting with this fight. We have to not just combat it but also to go ahead. At this time of crisis we have to be more resolute. Our resoluteness should be bigger than the crisis.," says Prime Minister Narendra Modi.
From the last century we have been hearing that the 21st century will be India’s century. We have had an opportunity to look at the world order before Corona hit and the current crisis. It is our responsibility to look at this crisis to make this India’s century. The way for this is only one: A self reliant India," adds the Prime Minister.
PM Modi expresses sympathy and condolences to those who have lost loved ones
"It’s been more than four months since the world has been battling Coronavirus pandemic. In this time 3.75 lakh people have died. In India too we have lost people to it. My sympathy and condolences to those who have lost loved ones," says Prime Minister Narendra Modi.
Complete exit from lockdown not possible, PM Modi tells CMs on May 11
Prime Minister Narendra Modi on Monday said at a videoconference with Chief Ministers that a lockdown would continue in some form or the other even after May 17, but that the State governments should send in their plans for ramping up economic activity in green zones in their States between May 15 and 17 for consideration by the Centre.
Focus should be on reducing transmission rate, says PM Modi
Prime Minister Narendra Modi on Monday said reduction of transmission rate of the novel coronavirus and gradual increase in public activities while adhering to all guidelines are the “twofold” challenges and now the Centre and states will have to work towards achieving the twin objectives.
Lockdown extended till May 17
In his March 19 address, the Prime Minister announced a “janta curfew” on March 22. On March 24, he announced a 21-day nationwide lockdown. On April 14, he extended the lockdown period till May 3. On April 3, in a video message, Mr. Modi asked the nation to light lamps for frontline corona warriors on April 5.
The lockdown was further extended till May 17 by the Home Ministry.
(With inputs from PTI)