On Wednesday, Prime Minister Narendra Modi chaired a top-level meeting and discussed lockdown 4.0. Aside from Modi, top ministers were also present in the meeting including Home Minister Amit Shah and Defence Minister Rajnath Singh.
Yesterday, PM proclaimed huge new financial incentives above the previously declared packages for a combined stimulus of Rs 20 lakh crore, which is aimed at making the country self-reliant and reviving the stalled economy.
Modi drafted a Rs 20-lakh-crore, equivalent to 9.7 per cent of GDP support package, of which new allotments could only be 50-60 per cent of the offer.
PM Modi in his speech emphasized self-reliance and also the Make in India campaign. He also stated that Indians must use more products that are Indian rather than those produced in foreign countries.
He also stated that self-reliance will brace the country for the tough competition further. It is crucial that the nation triumphs this and stays forward in the competition, the PM also said.
The package will be aimed at land, labour, liquidity and laws, and will cater to several sectors comprising of the cottage industries, micro, small & medium enterprises (MSMEs), the working class, middle class and industry, among others. He said the package will also focus on empowering the poor, labourers and migrant workers, both in the organised and unorganised sectors. It will seek to augment efficiency and ensure quality.
The government had proclaimed a Rs 1.7 lakh crore stimulus plan on March 26. The Reserve Bank of India has also launched several programmes to aid borrowers and foster liquidity, besides cutting interest rates to the lower rates.
