India launches COVID-19 $ 267 bn economic stimulus package |
India will begin COVID-19 Lockdown 4.0 Phase on 18 May with a positive twist, said Prime Minister Narendra Modi on 12 May 2020 in his 5th speech to the nation since COVID-19 hit India. Modi unveiled a whopping economic stimulus package of US$ 267 billion that`s 10% of India’s GDP. India finishes Lockdown 3.0 on 17 May. In his 5th live speech, Modi said: “Scientists say that the novel coronavirus will be a part of our lives for a very long time. We will wear masks and maintain social distancing but we will not let it (the virus) affect us.” Lockdown 4.0 new rules will be announced by Finance Minister Nirmala Sitharaman starting 13 May and before 18 May. The economic package termed ‘Atmanirbhar Bharat Abhiyan’ or Self-Reliant India Campaign is “our new pledge, to move on with new resolve,” said Modi, adding local supply chains were vital and all Indians should become vocal for local products. Modi envisions magnificent building of a self-reliant India on five pillars - Economy; Infrastructure, Tech-driven System, Vibrant Demography and demand. Modi said India has resources and talent and it will make best products, improve quality and supply chain. India claims only 70,000 infections and 2,293 deaths.
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