Narendra Modi Speech on Coronavirus LIVE Updates: PM Announces 'Atma-nirbhar Bharat' Economic Package of Rs 20 Lakh Crore, Says Lockdown 4 Will be Entirely Different

PM Modi said the definition of self-reliance has undergone a change in the globalised world and when India talks about it, it is different from being self-centred. He said India’s culture considers the world as one family, and progress in India is part of, and also contributes to, progress in the whole world. Modi said the world trusts that India has a lot to contribute towards the development of the entire humanity.

“When the crisis began, not a single PPE was being manufactured in India. N-95 masks were being manufactured in negligible quantity. Today, the situation is such that India is manufacturing 2 lakh PPE kits and N95 masks each per day. We are able to do so because India has turned a crisis into an opportunity. India’s vision to convert this crisis into an opportunity is going to prove influential as we become more self-reliant,” the PM said.

India Turned Virus Crisis Into Opportunity: PM | Prime Minister Narendra Modi on Tuesday appealed to the country to believe in the power of self-reliance to fulfill the dream of making the 21st Century India its very own. Modi said that as India battles the outbreak, one has to look at the pre- and post-COVID-19 world to see how a crisis can be turned into an opportunity. The Prime Minister highlighted the example of manufacturing of personal protective equipment (PPE) and N-95 face masks. Read More

Prime Minister Narendra Modi announced a special economic package worth Rs 20 lakh core for what he called "Atma-nirbhar Bharat Abhiyan" or mission self-reliant India, to help the nation cope with the impact of coronavirus and the lockdown of large parts of the economy.

On how the situation has never been faced by businesses and consumers alike, he said, " None of us have been able to compare this with any calamity we have had before. It's a totally different experience & one which is difficult to relate to."

Ratan Tata Interview | Meanwhile, former chairman and philanthropist, Ratan Tata in an exclusive interview to CNBC-TV18 said, this is the perfect time for investors to start looking for opportunities. The statement comes at a time when the entire world is reeling under the negative impacts of coronavirus. Chips for most businesses are down and major brands are downsizing due to unprecedented dip in demand. "The situation could bring about a new way of being innovative," he added. One type of entrepreneurs looks at the situation as an opportunity, he said.

In today's address, 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. He also hinted at big-ticket economic reforms in coming days.

Prime Minister Modi said that the self-reliant strategy will depend on five pillars, growing a new economy, creating a state-of-the-art infrastructure, setting up a technology-based delivery system, leveraging the young demography and by exploiting domestic demand.

PM Modi in his address to the nation said that the self-reliant strategy will depend on five pillars.

1⃣Economy
2⃣Infrastructure
3⃣System
4⃣Demography
5⃣Demand #AatmanirbharBharat | #IndiaFightsCOVID19

Read more: https://t.co/0o5dmfh0b0 pic.twitter.com/laLKqV15jC

— CNNNews18 (@CNNnews18) May 12, 2020

The announcement came at a time when the states have been demanding a fiscal stimulus package from the Centre and more financing options to tide over the financial crunch arising due to Covid-19 outbreak. The states have been seeking support to MSMEs, infrastructure projects such as power, easing of interest rates on loans and assured market access to the agricultural produce.

The economic package announced by PM Modi today will focus on land, labour, liquidity and laws and includes the monetary easing announced by the Reserve Bank of India.

External Affairs Minister S Jaishankar reiterates PM Modi's appeal to the people to use locally-produced goods and items.

Be Vocal about Local: PM @narendramodi’s mantra for economic recovery.

Vision of a self-reliant India that will convert the #Corona challenge into opportunity.

India will grow, but grow with the world.

Will contribute fully to global resilience. #AtmanirbharBharat

— Dr. S. Jaishankar (@DrSJaishankar) May 12, 2020

Meghalaya Chief Minister hails the package as he tweets, "Announcement of economic package of Rs 20 lakh cr to make India self reliant will go a long way in enabling farmers, entrepreneurs, small & medium scale industries to sustain themselves & enable them to move forward. #Meghalaya extends its appreciation to @NarendraModi ji."

Announcement of economic package of ₹20 lakh cr to make India self reliant will go a long way in enabling farmers, entrepreneurs, small & medium scale industries to sustain themselves & enable them to move forward. #Meghalaya extends its appreciation to @NarendraModi ji.

— Conrad Sangma (@SangmaConrad) May 12, 2020

Goa Chief Minister Pramod Sawant welcomes the economic package saying, "I welcome the special financial package of ₹ 20 Lakh Crores announced by the Hon'ble PM Shri @narendramodi Ji for आत्मनिर्भर भारत."

I welcome the special financial package of ₹ 20 Lakh Crores announced by the Hon'ble PM Shri @narendramodi Ji for आत्मनिर्भर भारत.

आत्मनिर्भर भारत is the only way ahead, that is एषा पंथ:

— Dr. Pramod Sawant (@DrPramodPSawant) May 12, 2020

"The Confederation of All India Traders (CAIT) has appreciated the announcement of Prime Minister Shri Narendra Modi for a Special Economic Package amounting in all to Rs. 20 lakh crore which is equal to about 10% of GDP of the Country  having a special focus on MSME sector of the Country. 7 crore traders are now anxiously awaiting the detailed announcement to be made by Finance Minister Smt. Nirmala Sitharaman," the CAIT said in a statement. (2/2)

Traders Body Welcomes Economic Package | The Confederation of All India Traders (CAIT) has "appreciated" the announcement by PM Narendra Modi for a special economic package amounting in all to Rs. 20 lakh crore. (1/2)

Lockdown 4.0 in New Form: PM Modi | "Scientists say that coronavirus will be a part of our lives for a very long time. But we can't let our lives remain confined around coronavirus. We will wear masks and maintain social distancing but we will not let it affect us. So lockdown 4.0 will be in a new form with new rules," says PM Modi.

"The lockdown 4.0 will be based on the suggestions by the state. The details will be out before May 18." says PM.

The prime minister propagates the use of local-made products. "Local has saved us. It is not only a necessity, it is our responsibility. Local has to become our 'jeevan mantra'. Today's global brands were once local. We should use local products and also promote them vocally," he says.

"This economic package aims at reforms which will shield our farmers and strengthen Indian industries," says PM.

"The package will help India compete at the global scale. India will play a major role in the global supply chain," says PM. 

The prime minister says, "Starting tomorrow, the finance minister will apprise you on details about the package meant to drive the country's 'Aatmanirbhar Bharat Abhiyaan'."

The economic package for the 'Aatmanirbhar Bharat Abhiyaan' is close to 10 per cent of India's GDP.  The total allocation including the last package stands at Rs 20 lakh crore.

PM Announces Economic Package | The prime minister announces an economic package with the aim to build a self-reliant India.

In a world that is fighting life and death, India's medicines today bring a new hope. With these steps, when India is being praised everywhere in the world, every Indian feels proud, says Prime Minister Modi.

India has changed the world with its policies. Yoga has been India's gift to the world. India's efforts to tackle the coronavirus pandemic are being lauded by the world, which has started believing in India's abilities, says PM.

Will Not Accept Defeat: PM | "We have heard that the 21st century will be India's. Our resolve is much bigger than the crises. We have to save ourselves and continue our fight. We will not give up or accept defeat," the prime minister says.

"The crisis has brought a key opportunity for India. We are at a critical juncture in this fight. A self-reliant India is the only way forward. We need to make India excel in a post-Covid world order," says PM Modi.

"Today when the entire world is in crisis, we will have to further firm our resolve," he says.

"We had never seen or heard about such a crisis ever before. This is definitely unimaginable for mankind. This was unprecedented. But humanity will not accept defeat from this virus. We have to not only protect ourselves but also move forward," says PM Modi.

LIVE | Listen to the prime minister's speech LIVE on CNN-News18.

#LIVE - PM Modi addresses the nation. #IndiaFightsCOVID19 https://t.co/OKlorDV5kp

— CNNNews18 (@CNNnews18) May 12, 2020