New Delhi: A day after holding a virtual interaction with chief ministers on tackling the COVID-19 pandemic, Prime Minister Narendra Modi has announced an economic package of Rs 20 lakh crore on Tuesday. This is nearly 10 percent of the GDP. Details of the relief package will be shared by Finance Minister Nirmala Sithraman from May 13 onwards, said Modi. The announcement was part of the Prime Minister's fifth address to the nation since March 23. Modi last addressed the country on April 14 when the third phase of the COVID-19 lockdown was announced.
Reports in certain sections of the media had said that the government would have to cap its relief package at Rs 4.5 lakh crore as excess spending could trigger a sovereign rating downgrade. Fitch had warned that India's sovereign rating could come under pressure if its fiscal outlook deteriorates further as the government tries to steer the country through the Coronavirus crisis.
Here are the highlights from Modi's address to the nation:
"Scientists say that Coronavirus will be a part of our lives for a very long time. But we can't let our lives remain confined around Corona. We will wear masks and maintain social distancing but we will not let it affect us. So lockdown 4.0 will be in a new form with new rules."
"In this hour of crisis, local suppliers have met our demands; Indians have to be 'vocal about local' and buy products from them."
"Special economic package is for our labourers, farmers, honest taxpayers, MSMEs and cottage industry."
"Beginning Wednesday, Finance Minister will announce details of the special economic package."
"Special economic package will have emphasis on land, labour, liquidity and laws."
"I announce a special economic package today. Special economic relief package for the nation will amount to Rs 20 lakh crore which is nearly 10 percent of GDP. The announcements made by the govt over COVID-19, decisions of RBI and today's package totals to Rs 20 lakh crore. This will play an important role in the 'Atmanirbhar Bharat Abhiyan.'"
"India's self-reliance will be based on five pillars — economy, infrastructure, technology driven system, vibrant demography and demand."
"India has resources and talent, it will make best products, improve quality and supply chain."
"Medicines supplied by India have infused new hopes in the world which is fighting battle of life and death. With these steps, when India is being praised everywhere in the world, every Indian feels proud."
"When India speaks of self-reliance, it does not advocate for a self-centered system. In India's self-reliance there is a concern for the whole world's happiness, cooperation and peace."
"India didn't produce any PPE before COVID-19 crisis and manufactured very few N-95 masks, now we are producing 2 lakh of each of them."
"Making India self-reliant is only way to make 21st century belong to India."
"Today when the entire world is in crisis, we will have to further firm up our resolve."
"More than 2.75 lakh people have lost their lives due to the virus. In India too many families have lost their dear ones, I express my condolences to them."
"We had never seen or heard about such a crisis ever before. This is definitely unimaginable for mankind. This was unprecedented. But humanity will not accept defeat from this virus. We have to not only protect ourselves but also move forward."
"A virus has ravaged the world, we have never seen or heard a crisis like this."
"The world has been fighting Coronavirus for 4 months now."