Help of low-income and MSMEs
Prime Minister Narendra Modi has announced around Rs.20 lakh crores or about 10% the GDP as a new impetus for development in 2020 in the face impact created by COVID-19 crisis.
It is a new direction to the Self-reliant India campaign, he said on 12 May 2020, adding that Land, Labor, Liquidity and Laws all have been emphasized in the mega economic boosting package.
“This economic package is for our cottage industry, home industry, our small-scale industry, our MSME, which is a source of livelihood for millions of people, which is the strong foundation of our resolve for a self-reliant India,” said the Prime Minister.
“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 our 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,” Modi said of the bold economic reforms.
Provisions have also been made in the economic package to increase the efficiency of all our sectors and ensure quality, he added.
He acknowledged the suffering and sacrifices of the lower income groups,
especially the street vendors, hawkers, labourers.
“Now it is our duty to make them strong, to take some big steps for their financial requirements. Keeping this in mind, be it poor, labourers, migrant labourers, cattle rearers, be our fishermen, organized sector or unorganized sector, some important decisions will be announced in the economic package for every section,” said the Prime Minister.
The package details will be announced from 13 May 2020 onwards.
The Prime Minister also extended lockdown, which has brought to half economic and social activities.
Lockdown 4 will be completely redesigned, with new rules.
“Based on the suggestions we are getting from the states, information related to Lockdown 4 will also be given before 18 May,” he assured.
Modi listed five pillars of a self-reliant India.
Economy will bring in quantum jump and not incremental change; Infrastructure should become the identity of India;
System is based on 21st century technology driven arrangements;
Vibrant Demography is our source of energy for a self-reliant India; and Demand is the strength of our demand and supply chain and 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.
Prime Minister gave a clarion call, saying the package will provide a much-needed boost towards achieving ‘AtmaNirbhar Bharat Abhiyan” (Self Reliant India Campaign)’. fiinews.com
