PM Modi Announces Economic Package Of 20 Lakh Crores: Watch Full Speech

PUBLISHED ON: May 12, 2020 | Duration: 33 min, 09 sec

  
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Prime Minister Narendra Modi today announced a Rs 20 lakh crore economic package for what he called "Mission Self-Reliant India" to tide over the coronavirus crisis. "This package is for migrants and farmers who work for the nation day and night, no matter the circumstances," the Prime Minister said, addressing the nation. The special economic package would be the main component of "Atma-Nirbhar Bharat (self-reliant India)", he said.

Following are the highlights of PM Modi's address:

It has been over 4 months that the world is battling coronavirus. 42 lakh have been infected globally. Over 2.45 lakh have died. In India, many have lost their loved ones. I offer my condolences.

One virus has led to global upheaval. Globally, crores of lives at stake.

Entire world in a way, fighting a battle, working to save lives. This is an unprecedented crisis.

Getting exhausted or accepting defeat not an option.

We need to save lives and move forward at the same time.

We have to remain careful and follow rules to live and move ahead. Now that the world is in a crisis, we have to be more resolute. Our resolve will be greater than the crisis.

We need to strengthen our resolve. Since last century, we've been hearing that 21st century belongs to India. The global scenario, we are tracking developments. When we see it from India's prism, it looks like that it is not just a dream, we are responsible to ensure that 21st century belongs to India.

Self-reliance is imperative. Self-reliant India is the only way out.

We stand at a crucial juncture. This crisis has a message for India, an opportunity. I'd try explaining using an example. When the crisis started, not a single PPE kit was made in India, N-95s were produced in negligible numbers. Today, in India, 2 lakh PPEs and 2 lakh N-95s being produced.

India, as this example demonstrates, turned crisis into an opportunity.

The meaning of self-reliance has changed, the global definition is changing. India's heritage, culture talk about self-reliance, the essence being 'the world is one'.

India's self-reliance takes into account global peace and coordination. Our heritage, our motherland, when we become self-reliant, it increases the prospects of safe and prosperous world.

When India became open defecation free, the world changed. Be it tuberculosis, malnutrition or polio, India's action impacted the world. International Solar Alliance is India's gift to the world in the fight against global warming. India's medicines serving as ray of hope in today's times.

The world has started to believe that we can fare very well, that we can contribute in upliftment of humanity. We have had a glorious past. We were dubbed 'sone-ki-chidiya'. Times changed, we yearned for development. We are taking steps towards development today.

Today, we have the resources, the will, we have fine talent. We will manufacture best products, improve quality and modernise the supply chain, we can do this and we will.

During Kutch earthquake, there was rubble wherever you looked. Nobody could contemplate back then that things would improve, but Kutch regained and revived. If we pledge, no target is impossible, no route is tough; and today, we have the will.

India can become self-reliant. This would be based on 5 pillars:

1) Economy: An economy that takes quantum jumps and not incremental gains.
2) Infrastructure: Infrastructure is synonymous with a modern India.
3) Our system: A system that helps us realise dreams, which is based on tech-driven facilities.
4) Demography: Vibrant demography our strength.
5) Demand: The demand and supply chain, we need to utilise the potential. We need to increase demand in the nation. Each stakeholder must be active.

Announcing a special economic package in a bid to make India self-reliant. An important link. Around Rs 20 lakh crores. Around Rs 20 lakh crores which is around 10% of GDP. Package addresses sectors on which crores depend for livelihood.

Package for farmers, for workers, who irrespective of circumstances, work for the nation. Package for MSMEs, who pay taxes sincerely and contribute. Package for Indian industry. From tomorrow, Finance Minister Nirmala Sitharaman will inform in detail.

This signifies bold reforms, we must move forward. In the last six years, the reforms undertaken, today, in crisis, we are much better off.

Who could imagine earlier that money sent by government reaches farmers in full? This imagined when there was no transport, offices were shut.

The reform is in a bid to ensure that such a crisis impacts agriculture in the least possible manner. In a bid to enhance Human Resources and bid to strengthen financial system. These reforms will attract investment and help Make In India.

We need to compete for a place in the global supply chain. We must play a big role in global supply chain. Keeping this in mind, various provisions have been made, which will lead to increased efficiency across sectors.

Hawkers, workers, helps - they have faced difficulties in this time and have made sacrifices. Our duty now to make them better off, to work to further their interests. Keeping this in mind, be it poor, be it workers, be it fishermen, be it from formal or informal sector, certain key announcements will be made.

Local manufacturing, local supply chain: We realize the importance now. Local met our demands, local saved us. Brands that are global were once similarly local. When people used them and these were branded, they became global from local. It's time to be vocal for local.

We need to buy local products and spread the word. I am sure that we can do this. Your efforts have only increased my faith in you. I am proud to recollect that I had asked citizens to buy khadi and to support handloom workers; and in a short time, demand and sales touched record levels. You made it a big brand too. We got the results; and good results.

Scientists and experts say that coronavirus will stay with us for long, but we can't make our lives revolve around this. We will wear masks, maintain distance, but not lose sight of our targets.

In Lockdown 4.0, we will follow norms, fight COVID-19 and move ahead. It will be based on suggestions by the state. Details will be informed by May 18 after suggestions from state. We will fight and move forward by following rules. Our responsibility to make India a self-reliant India will be powered by the energy of the 1.3 billion population. With new energy and new determination, we need to move ahead. Who can stop us then? We can make India self-reliant; and we will. With faith and hope, I urge citizens to take care of their health and the ones around them.
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