In his fourth televised address, the Indian Prime Minister said this economic package will support all sections of the society.
Highlights:
- Atma-Nirbhar Bharat Abhiyan announced by Indian Government
- Total COVID 19 stimulus worth $400b (AUD)
- Will target employment generation in India
Prime Minister remarked that self-reliance will prepare the country for tough competition in the global supply chain, and it is important that the country wins this competition.
New Delhi based economic writer and senior journalist Harshvardhan Tripathi says it is a significant announcement which constitutes close to 10 per cent of India’s gross domestic product (GDP).
"If India wants to successfully replace China in the world supply chain it will have to focus on land, labour, liquidity, and laws. This special economic package is focused on labourers, farmers, taxpayers, MSMEs, and industry," Mr Tripathi said.
Though PM Modi was scant on details of the economic rescue package, he promised that in the coming days India’s finance ministry would reveal all the details.
The sum of $400b (AUD) which is 20 lakh crore INR will include two packages announced by Indian Finance Minister Nirmala Sitaraman worth Rs 1.17 lakh crore and loan relief package by Reserve Bank of India.
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