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PM tries to make crisis into opportunity yet again: Announces Rs 20 lakh cr stimulus

By IndianMandarins- 13 May 2020
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In the longest address so far, the PM has given a roadmap not only how to fight COVID-19 but how to survive this pandemic on economic front as well when he announced a special economic package of Rs 20 lakh crore. This is nearly 10 percent of the GDP of the country. Finance Minister Nirmala Sitharaman would provide every detail of this special economic package. But in the PM’s speech, there are some important takeaways:


1) India looking for ways and means to become self-reliant. To understand it better, when COVID-19 crisis erupted not a single PPE kit was manufactured in India, only a few N-95 masks were available. Today, two lakh PPE kits and two lakh N-95 masks are manufactured in India.


2) Self-reliance of the country will have five pillars -- economy, infrastructure, technology-driven system, vibrant demography and demand.


3) Economic package will amount to Rs 20 lakh crore that is nearly 10 percent of the GDP.

4) The PM has urged people to be 'vocal about local' in this hour of crisis. He also asked people to buy more local products.


5) The PM also talked about supply chain linking to local products and market and making them so huge that they even grow to compete in international market.

All these announcements were made by the PM after seven-hour long marathon meeting with CMs of several states including Maharashtra, Punjab, Telangana and West Bengal most of them seeking an extension of the coronavirus lockdown.

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