PM Modi Speech HIGHLIGHTS: In his address to the nation, the Prime Minister has announced an overall economic package worth Rs 20 lakh crore, adding that the fourth phase of the lockdown will be different with new rules.
PM Modi Address to Nation: This was the Prime Minister’s fifth address since the corona virus outbreak in the country.
PM Modi Address to Nation: Addressing the nation five days before the third phase of the nationwide lockdown is slated to end on May 17, Prime Minister Narendra Modi Tuesday said the fourth phase of the lockdown will be in a new form. “Scientists say that the novel corona virus will be a part of our lives for a very long time. But we can’t let our lives remain confined around it. We will wear masks and maintain social distancing but we will not let it (the virus) affect us.” The new rules will be announced before May 18, he added.
The Prime Minister also announced a complete package worth Rs 20 lakh crore to deal with the economic crisis due to the COVID-19. Finance Minister Nirmala Sitharaman will announce the details of the special economic package from Wednesday. “This will play an important role in the ‘Atmanirbhar Bharat Abhiyan’, he said, adding that the the announcements made by the govt so far, the decisions of the RBI and today’s package adds to Rs 20 Lakh Crores or 10% of India’s GDP.”
The Prime Minister emphasised on achieving self-reliance for the country at a time when the pandemic has brought the economy to a standstill. “This era of self-reliance will be our new pledge, we have to move on with new resolve.” This is the prime minister’s fifth address to the nation, including a video message, following the outbreak of Covid-19, which has so far claimed 2,293 lives and infected 70,756 people in the country.
PM Modi’s address comes a day after he held a marathon six-hour meeting with chief ministers, with several states, including Maharashtra, Punjab, Telangana and West Bengal, seeking an extension of the lockdown. Others pitched for further easing of restrictions and more say in which districts fall under red, orange and green zones.
PM Narendra Modi's address to the Nation on COVID 19 | 12th May 2020
The Rs 20-lakh crore package announced by Prime Minister Narendra Modi sounds big but will burn only a small hole in the government’s finances. A large part of it, or as much as Rs 8.04 lakh crore, is additional liquidity injected into the system by the Reserve Bank of India through various measures in
Add to this the Rs 1.7 lakh crore fiscal package announced by Finance Minister Nirmala Sitharaman on March 27. The balance of the economic package, details of which are not yet known, then stands at Rs 10.26 lakh crore. It is expected that the Finance Minister will announce the details at the earliest since this has a bearing on the bond markets. Sources familiar with discussions within the government said the fiscal outgo may not be more than Rs 4.2 lakh crore during the year, taking cues from the revised borrowing calendar announced just three days back.
Prime Minister Narendra Modi’s announcement of a Rs 20 lakh crore package to help cushion the Covid economic impact and set the stage for “self-reliance”, could pivot around measures that the government is set to unveil in a staggered manner starting Wednesday.
“Land, labour, liquidity and laws” — that was how the PM defined the key themes of the package. This is likely to translate into: steps to bolster liquidity for the Micro, Small and Medium Enterprises (MSMEs), among the worst impacted sectors; a push to the process of monetisation of surplus land assets held by Ministries and Central PSUs; a state-led easing of labour regulations and additional tax breaks for companies investing above a certain threshold in technology-intensive sectors like pharma, medical devices and telecom equipment. Over the next few days, Finance Minister Nirmala Sitharaman will provide details of the package that is likely to include measures to boost local manufacturing, help improve India’s competitiveness in a global economy, and provide relief to the distressed poor, labourers and hapless migrants.
Prime Minister Narendra Modi on Tuesday announced that India’s combined economic package would be worth Rs 20 lakh crore or 10 per cent of GDP, which would make India self-reliant and position it for the post Covid-19 world.
With the third phase of lockdown ending on May 17, the Prime Minister said the fourth stage will be new in form — and the details, which will be drawn up on the basis of suggestions from the state chief ministers, would be announced by May 18. The details of the Rs 20 lakh crore package, which would help every section including workers, farmers, middle class and industrial units, would be announced by Finance Minister Nirmala Sitharaman in the coming days, the Prime Minister said.