CURRENT AFFAIRS: NATIONAL
PM Modi announces special economic package worth Rs 20 lakh crore to kick-start economy
- Prime Minister Narendra Modi has announced a special economic package worth 20 lakh crore rupees for an ‘Atma-Nirbhar Bharat’ or self-reliant India, saying that self reliance is the only way to ensure that 21st Century belongs to India.
- The Prime Minister noted that this package, together with earlier announcements by the government during COVID crisis and decisions taken by RBI, is to the tune of 20 lakh crore rupees. This is equivalent to almost 10 percent of India’s GDP.
- The 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.
- The Prime Minister stated 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.
- The Prime Minister expressed confidence in India’s capabilities and manpower. He stated that India will build new supply chains, create better products and lead the global recovery.
- Mr Modi stated India’s self-reliance will be based on five pillars – economy, infrastructure, technology driven system, vibrant demography and demand. The Prime Minister also stated that Coronavirus is going to be a part of people’s lives for a long time, but lives cannot simply revolve around it.
CURRENT AFFAIRS: BANKING AND FINANCE
