Prime Minister Narendra Modi, while addressing the nation on Tuesday, announced an economic relief package worth Rs 20 lakh crore combined with steps earlier taken by the Reserve Bank of India and government's announcement of relief package of Rs 1.7 lakh crore. The special economic package would be the main component of "Atma-Nirbhar Bharat (self-reliant India)", he said. The announcement comes amid the coronavirus-induced nationwide lockdown which has rattled the country's economy. The package announced by the government will be beneficial for the industry, middle class, micro, small and medium enterprises and for large industries, PM Modi said.
"The package will focus on land, labour, liquidity and law; it will help small business, labourers, farmers," the PM said.
Speaking about the coronavirus pandemic, PM Modi said: "A virus has ravaged the world, we have never seen or heard a crisis like this."
The only way for India to triumph over the crisis was to "strengthen our resolve so that our resolve is even greater than this crisis."
He said India must realize its potential as the lead player in the 21st century by focusing on its self-reliance.
He listed what he called five pillars for self-reliance: "Economy with potential for quantum jump, infrastructure, technology-driven system, demography and an intelligence-driven supply system."
Detailed information about the package will be given by the Finance Minister in the next few days, PM Modi added.