New Delhi: Prime Minister Narendra Modi today announced an economic package of Rs 20 lakh crore that includes packages earlier announced by RBI and Finance Minister after outbreak of pandemic in the country.
Addressing nation, PM said that the economic package is 10% of India’s GDP.
PM also said that from tomorrow onwards, the finance minister will apprise in detail about the package meant to restart economy through ‘Atma-nirbhar Bharat Abhiyaan’.
He also stressed on the 3L formula called land, labour, liquidity and laws and includes the monetary easing announced by the Reserve Bank of India.
Spelling out the details, 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.
As part of reforms, the prime minister also 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 said.
PM hopes that the package will help India compete at the global scale.” India will play a major role in the global supply chain,” he said.