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COVID Impact: PM announces Rs.20 lakh-crore economic relief package for India

In his latest address to the nation, Prime Minister Narendra Modi touched upon a lot of things affecting the country during the pandemic. However, the biggest announcement of all is a mega economic relief package amounting to ₹20 lakh-crore. 
 
In his speech, PM gave a clarion call for Atmanirbhar Bharat (self-reliant India) during the crisis and he said the package will help achieving that. Here are the ten things to know about the mega package:
 
  1. This economic relief package will amount to 10% of country's GDP, said Modi.
 
2) "Special economic package is for our labourers, farmers, honest taxpayers, MSMEs and cottage industry," said Modi.
 
3) Beginning today, finance minister Nirmala Sitharaman will announce details of special economic package, the PM informed.
 
4) Modi said this special economic package will have emphasis on land, labour, liquidity and law. Such reforms will ensure that rural India stays free from the Covid-19 crisis, he said.
 
5) The package will make India self-reliant and it will be based on five pillars — economy, infrastructure, technology driven system, vibrant demography and demand, said Modi.

6) There’s a special focus on the poor, migrants, labourers, fishermen, etc in the financial package, said Modi.
 
7) The recent decisions by the government, the decisions by the RBI combined with today's financial package announcement come to about ₹20 lakh crore, PM said.
 
8) In this hour of crisis, to further spur the Indian economy, Indians have to be 'vocal about local' and buy products from the local suppliers, said Modi.
 
9) India needs an economy that brings quantum jump, not just incremental change, said Modi. And, an infrastructure that becomes the hallmark of modern India.
 
10) The cycle of demand and supply chain in our economy is the power that needs to be harnessed to its full potential, Modi said.

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