On Tuesday, May 12, 2020, the Prime Minister of India Narendra Modi addressed the nation for the fifth time since the outbreak where he expressed his deep condolences towards more than 2.75 lakh people who have lost their lives due to coronavirus. He also showed great empathy towards the families in India who had lost their dear ones due to this virus. While saying how this virus has destroyed our world, he uttered with confidence. “We will not give up or accept defeat.” While addressing the nation, he was clear for the extension of the lockdown beyond May 17 but also weighed on how this one will be different from the past three. However, there were not much to go on and details will be out by May 18.
PM Announced a Special Economic Package worth Rs. 20 Lakh Crore
While at it, he announced a special economic package worth of Rs. 20 lakh crore which is in fact, equivalent to the 10% of India’s GDP but will be used to make the country self-reliant and revive its stalled economy. The main focus of the special package will be land, labour, liquidity, and laws and will cater the MSMEs, micro, cottage industries, etc. He expressed that empowering the poor, labourers, and migrant workers, both in organized and unorganized sectors will be the key focus of the package which will seek efficiency and ensure quality. To revive the stalled economy, the stimulus package dubbed the Atmanirbhar Bharat Abhiyaan which will be unveiled by the FM Sitharaman starting today.
Before that, the government had also announced an Rs. 1.7 lakh crore stimulus plan on March 26 on the third day of lockdown phase 1 for cash and free food.
Five Pillars for Self-Reliance
The announcement made by Narendra Modi yesterday was crystal clear that we should challenge the coronavirus at every step and convert it into an opportunity to become self-reliant as it will make India victorious in the global supply chain. He also mentioned that a self-reliant India stands on five pillars – 1) the Economy 2) the Infrastructure 3) Tech-driven System 4) Democracy and 5) the Economic Demand.
He further elaborated how the government was looking for a ‘quantum jump’ in the economy up until now but it is not what we should seek but the ‘incremental change’. Our infrastructure should be the identity of India and whole-system should be based on 21st-century technology-driven arrangements. He also asked to focus on the utilization of supply chain to full capacity to meet the strong demand.
He also pointed out that local manufacturing, local markets, and supply chains are the key elements as they helped in meet our demands amidst the virus. It is time to be ‘Vocal about Local’ products and help them become global.
India’s COVID-19 count crossed 74,000 where more than 47,000 are active cases while the no. of death stood at 2,415. Maharashtra is one of the worst affected states of India which has reported more than 24,000 cases. (Source: https://www.bing.com/covid/local/india)