As the curve seems to climb further rather than flattening, the people began speculating yet another extension with the possibility of economic failure despite several companies reopening offices. Prime Minister Narendra Modi addressed these concerns in his speech at 8 pm on 12 May 2020.
He began his speech stating that the world has been battling the pandemic for the past 4
months and almost 3 lakh people have died due to the deadly virus. He added that this is an unprecedented crisis for humanity and that we are at war against the virus.
Addressing the lockdown, he stated that we must face the virus but also move ahead.
Talking about the current crisis, he stated that when the pandemic hit India, the country did not have a single PPE kit being manufactured domestically and only a few N95 masks were available. However, due to the call of the hour, almost 2 lakh PPE kits and 2 lakh N95 masks are being manufactured in the country.
He stated that this reflects India’s capability to become self-reliant and that self-reliance is the only way that the 21st century would belong to India.
He added that today we have the resources, power, and talent to make the best products and modernize the supply chain.
“The Five Pillar Model”
He then focused on the five-pillar plan which will become a part of the national policy to build self-reliance.
- The first pillar would be the economy of the country and aims to bring a quantum jump rather than the regular incremental changes.
- The second pillar would be infrastructure which would become the hallmark of modern India.
- The third pillar would represent our system based on the technology-driven systems that aim to fulfill the dreams of the 21st century.
- The fourth pillar is our demography which would provide the strength and energy to attain self-reliance.
- The fifth and final pillar seeks to address demand. The cycle of demand and supply chain of the Indian economy which has to be utilized efficiently to achieve the full potential of the economic forces.
“Special economic package”
Addressing the economic concerns, Modi stated that the government will be announcing a
special financial package to fight the pandemic. The combination of this package, RBI
decisions, and the steps was taken by the government would amount to almost Rs 20 lakh crore, which accounts for 10 per cent of the GDP, will help provide the economy with the push it requires to become self-reliant in the coming year.
This package is to benefit the poor, fishermen, farmers, the middle class, the laborers, and the industries. The details of the package will be announced on Wednesday 13 May by the Finance Minister.
“Vocal about local”
He further added that it is the need of the hour for India to play a significant role in the global supply chain. He also advocated for the people to support the local business and promote them globally.
Finally addressing the concerns about the lockdown, Modi stated that the fourth phase of the lockdown will be different from the previous phases as we must continue to move ahead. The proper announcement of the lockdown 4.0 shall be made before May 18.
He concluded that India will move forward with a new life force and a new determination.