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

New Delhi, May 12: Prime Minister Narendra Modi addressed the nation, five days before the end of the coronavirus-induced lockdown and announced special economic package of Rs 20 lakh crore.

''I announce a special economic package today. Special economic relief package for the nation will amount to ₹20 lakh crore which is nearly 10% 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.

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.

Modi said that India runs on five pillars: "Economy, infrastructure, system, vibrant demography, demand".

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.