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PM announces big economic relief of Rs 20 Lakh crore for building AtmaNirbhar Bharat Abhiyan


PM announces big economic relief of Rs 20 Lakh crore for building AtmaNirbhar Bharat Abhiyan: On 12th May, 2020, PM Modi , while addressing the nation due to COVID-19 pandemic, made big announcements on an economic package worth Rs 20 Lakh Crore which is about 10 per cent of India's GDP towards building AtmaNirbhar Bharat Abhiyan (Self-reliant India). This economic package will serve as an important link in the 'AtmaNirbhar Bharat Abhiyan” (Self Reliant India Campaign)'

This time the special economic package is for labourers, farmers, honest taxpayers, MSMEs and cottage industries. The package, nearly 10% of the nation's GDP, will have an emphasis on land, labour, liquidity and laws.

He referred the following five pillars of AtmaNirbhar Bharat (Self-reliant India):
1. Economy which makes quantum jumps rather than incremental change
2. Infrastructure, an infrastructure that became the identity of modern India.
3. System, a system that is driven by technology which can fulfill the dreams of the 21st century; 
4. Vibrant Demography, Our Vibrant Demography is our strength in the world's largest democracy, our source of energy for self-reliant India
5. Demand, the cycle of demand and supply chain in our economy, is the strength that needs to be harnessed to its full potential. In order to increase demand in the country and to meet this demand, every stake-holder in our supply chain needs to be empowered. We will strengthen our supply chain, our supply system built up with the smell of the soil and the sweat of our labourers

PM Modi concluded his address to the nation, announcing Rs. 20 Lakh Crore Atma Nirbhar Bharat Abhiyan. A special economic package is being announced- for an Atma Nirbhar Bharat Abhiyan with nearly 10% of a GDP (approx. Rs 20 lakh crore).

Here are the key takeaways of Atma Nirbhar Bharat Abhiyan (Self-reliant India):

1. PM Modi announced a special economic relief package in light of the ongoing situation due to the COVID-19 outbreak. The earlier economic announcements made by the government related to the Corona crisis, the decisions of the Reserve Bank and this economic package together comes to around Rs. 20 lakh crores. This package is about 10 per cent of India's GDP.

2. This package will give a new impetus to the development journey of the country in 2020 and a new direction to the Self-reliant India campaign.

3. This package will focus on land, labour, liquidity and laws.

4. This economic package is for cottage industry, home industry, small-scale industry, MSME, which is a source of livelihood for millions of people, which is the strong foundation for a self-reliant India. This economic package is for that labourer of the country, for the farmers of the country who are working day and night for the countrymen in every situation, every season. This economic package is for the middle class of the country, which pays taxes honestly and contributes to the development of the country. This economic package is for Indian industries, which are determined to give a boost to the economic potential of India.

5. He talked about the need to vocal for local products and make them global.

6. Starting Wednesday, over the next few days, the Finance Minister will give detailed information about this economic package inspired by the 'Self-reliant India campaign'.

Through this historical package, the Prime Minister has fulfilled the expectations and aspirations of the MSME, village and cottage industry sector. With abundant resources, superior technology and raw materials, India can soon become self-reliant in all sectors. The economic slowdown due to COVID-19 pandemic can be seen as a blessing in disguise and we should strive to maintain positivity and self-confidence to take the country ahead, as said by Shri Nitin Gadkari after PM’s speech. He expressed confidence that the MSME, village and cottage industry sector will grow to new heights with the support of this package.

A press note released by the Prime Minister's Office (PMO) is reproduced below.

PM gives a clarion call for Atmanirbhar Bharat
PM announces special economic package; comprehensive package of Rs 20 lakh crore
Total package equivalent to 10% of India’s GDP
PM gives a call for self-reliant India; lays down five pillars of Atmanirbhar Bharat
Bold reforms across sectors will drive the country's push towards self-reliance: PM
It is time to become vocal for our local products and make them global: PM
Prime Minister Shri Narendra Modi addressed the nation today. Recalling those who have died battling the pandemic, Prime Minister said that the crisis that has emerged due to COVID-19 is unprecedented, but in this battle, we not only need to protect ourselves but also have to keep moving forward. 
Self-reliant India
Talking about the pre and post COVID worlds, Prime Minister observed that in order to fulfill the dream of making the 21st century India’s, the way forward is through ensuring that the country becomes self-reliant. Talking about turning a crisis into an opportunity, he gave the example of PPE kits N-95 masks, whose production in India has gone up from almost being negligible to 2 lakh each, on a daily basis.
Prime Minister remarked that the definition of self-reliance has undergone a change in the globalized world and clarified that when the country talks about self-reliance, it is different from being self-centered. He said that India’s culture considers the world as one family, and progress in India is part of, and also contributes to, progress in the whole world.  He noted that the world trusts that India has a lot to contribute towards the development of the entire humanity.
Five pillars of a self-reliant India
Recalling the devastation in Kutch after the earthquake, Prime Minister said that through determination and resolve, the area was back on its feet. A similar determination is needed to make the country self-reliant.
He said that a self-reliant India will stand on five pillars viz. Economy, which brings in quantum jump and not incremental change; Infrastructure, which should become the identity of India; System, based on 21st century technology driven arrangements; Vibrant Demography, which is our source of energy for a self-reliant India; and Demand, whereby the strength of our demand and supply chain should be utilized to full capacity. He underlined the importance of strengthening all stakeholders in the supply chain to increase, as well as fulfill, the demand.
Atmanirbhar Bharat Abhiyaan
Prime Minister announced a special economic package and gave a clarion call for Atmanirbhar Bharat. He noted that this package, taken together with earlier announcements by the government during COVID crisis and decisions taken by RBI, is to the tune of Rs 20 lakh crore, which is equivalent to almost 10% of India’s GDP. He said that the package will provide a much needed boost towards achieving ‘Atmanirbhar Bharat’.
Prime Minister observed that the package will also focus on land, labour, liquidity and laws. It will cater to various sections including cottage industry, MSMEs, labourers, middle class, industries, among others. He informed that the details of the contours of the package will be provided by the Finance Minister from tomorrow, in the coming few days.
Talking about the positive impact of reforms like JAM trinity and others, brought about in the last six years, Prime Minister said that several bold reforms are needed to make the country self-reliant, so that the impact of crisis such as COVID, can be negated in future. These reforms include supply chain reforms for agriculture, rational tax system, simple and clear laws, capable human resource and a strong financial system. These reforms will promote business, attract investment, and further strengthen Make in India.
Prime Minister remarked that self-reliance will prepare the country for tough competition in the global supply chain, and it is important that the country wins this competition. The same has been kept in mind while preparing the package. It will not only increase efficiency in various sectors but also ensure quality.
Highlighting their contribution to the country, Prime Minister said that the package will also focus on empowering the poor, labourers, migrants, etc., both from organized and unorganized sectors.
He observed that the crisis has taught us the importance of local manufacturing, local market and local supply chains. All our demands during the crisis were met ‘locally’. Now, its time to be vocal about the local products and help these local products become global, he said.
Living with COVID
Prime Minister noted that several experts and scientists have said that the virus is going to be part of our lives for a long time. But, it is also important to ensure that our life does-not revolve only around it. He exhorted people to work towards their targets while taking precautions like wearing masks and maintaining ‘do gaz doori’.
On the fourth stage of Lockdown, he said that its contours will be completely different from those seen yet. On the basis of recommendations received from states, new rules will be framed, and information about the same will be conveyed before 18th May.

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