Modi announces `20 lakh crore package, Nirmala to give details

Promises reforms in labour, land, law; says lockdown 4.0 will be different

Worried over the withering economy hit hard by the twin blows of global recession and the ongoing lockdown, Prime Minister Narendra Modi, bowing to repeated demands by several states, on Tuesday announced a `20 lakh crore economic package. which includes stimulus measures already announced by finance minister Nirmala Sitaraman and Reserve Bank of India governor Shaktikanta Das.

This aims to give succour to farmers, the middle class and rural poor, and its main thrust is to boost small and medium enterprises and make India selfreliant (under a newlycoined Atma Nirbhar Bharat Abhiyan) by depending on local manufacturing and promoting local products, amid the raging Covid-19 pandemic.

This comes 45 days after the Centre announced a `1.70 lakh crore Garib Kalyan package, aimed mainly at the rural poor. The new package is inclusive of the earlier Garib Kalyan package.

Addressing the nation, Mr Modi also hinted that the lockdown, which is on till May 17, might be extended further and will have new rules.

In his 35-minute address, the Prime Minister did not give any details about the aid package, saying the finance minister would do so in the next few days. He spoke about the extension of the lockdown after May 18 but he did not any details saying that these would be announced before May 18.

While Mr Modi “remembered” the labour class, who he said had suffered a lot during the lockdown by saying people had missed their services and understood their importance, but he didn’t refer to the mass exodus of millions of migrant workers, who have been forced to walk thousands of kilometres to their homes for lack of transportation due to the sudden lockdown announcement on March 25.

Emphasising the need to become more “vocal” about local products, he said India would not turn protectionist but would now focus more on local manufacturing, local markets and local supply chains.

● In his 35-minute address, the Prime Minister did not give any details about the aid package, saying the finance minister would do so in the next few days.

● He spoke about the extension of the lockdown but he did not reveal any details saying that those would be announced before May 18.