PM Modi's speech on coronavirus: Here's how politicians, corporates reacted to the economic relief package announcement

Prime Minister Narendra Modi, in his address to the nation on May 12, announced a special economic relief package in light of the COVID-19 pandemic-led nationwide lockdown which has brought the economy to a standstill.

The relief package, which includes economic measures earlier announced to tackle COVID-19 and steps also announced by the Reserve Bank of India (RBI) in this regard, comes up to a total of Rs 20 lakh crore. This, the prime minister said, is around 10 percent of India's gross domestic product (GDP).

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Speaking to CNBC-TV18, Soumya Kanti Ghosh, Group Chief Economic Adviser, State Bank of India, said the announcement is a very welcome one. He did point out that we need to look at the composition of the financing under the announced package and understand how this will be distributed in terms of land, labour, guarantee for the MSME sector and other heads. He added that he thinks the package will be staggered and will involve a combination of fiscal and monetary policy.

Calling this an employment generation strategy unveiled by PM Modi, Sangita Reddy, President, FICCI, told CNBC-TV18 said it is very imp that the plan comes with a medium-term fiscal consolidation.

Union Minister Prakash Javadekar also took to Twitter, saying, "20 Lakh crore package announced by PM Narendra Modi is biggest package India has ever seen. Aatmanirbharta (self-reliance) is the new mantra."

On the other hand, Union Health Minister Harsh Vardhan said 1.35 billion Indians idolise PM Modi for his nationalistic zeal and his bid for a self-reliant India.

"An Economicpackage of 20 lakh crore which is 10% of India’s GDP shall ensure an atmanirbharbharat," he added.

Ajay Singh, SpiceJet CMD, told CNBC-TV18 that PM Modi is trying to convert adversity into an opportunity. He said that the latest announcement is going to give a huge stimulus to the economy. The interesting part, he noted, was the nature of structural change the prime minister spoke about.