India $265 bn COVID-19 economic stimulus package |
Addressing the nation on Wednesday, Indian Prime Minister Narendra Modi said that Coronavirus is going to be a part of people`s lives for a long time, but lives cannot simply revolve around it. He said Lockdown-4 will be different and have new rules. New rules will be framed on the basis of recommendations received from states, and the people will be informed about it before May 18. Prime Minister Narendra Modi has announced a special economic package worth 265 billion dollars for an `Aatma-Nirbhar Bharat` or self-reliant India. Amounting to 10 percent of India`s GDP, the package includes the previously announced packages of the Reserve Bank of India. In his third address to the nation since the nationwide lockdown began on March 25, Modi urged Indians to push the country towards becoming economically “aatma nirbhar” or self-reliant. He also expressed his support to local manufacturing to become globally competitive, while coining a term for posterity – “Think local, go global”. Modi said the post-Covid India will be supported on five pillars which are (1) Economy – A quantum jump in the economy; (2) Infrastructure – An infrastructure that can be the new image of India; (3) System – a system that can fulfil the dreams of the 21st century: (4) Demography – India`s demography is vibrant. (5) Demand – the demand and supply chain need to be utilised and strengthened.
|
|
|
|