PM Modi announces stimulus package of ₹20 lakh crore for Covid-hit economy. Read full speech text here
Prime Minister Narendra Modi said the coronavirus pandemic has presented India with an opportunity to become self-reliant and to emerge as the best across the world.
Prime Minister Narendra Modi on Tuesday announced stimulus package of ₹20 lakh crore and a slew of financial incentives to revive Indian economy which is currently staring at the onslaught of coronavirus pandemic. The financial package, prime minister announced, will be around 10 per cent of the country’s GDP and will play an important role in India’s self-reliance campaign.
The prime minister said the coronavirus crisis has presented India with an opportunity to become self-reliant and to emerge as the best across the world.
Here’s the full text of the prime minister’s speech:
Greetings to fellow citizens, for over four months the global community has been in the fight against Corona virus.
During this period more than 42 lakh people across the world have been infected with Corona. More than 2.75 Lakh people have died tragically. In India too, people have lost their near and dear ones.I express my heartfelt condolences to all.
Friends, a virus has destroyed the world. Crores of people around the world are facing a crisis. World all over is engaged in a battle to save precious lives. We have never seen or heard of such a crisis.This crisis is unthinkable as well as unprecedented for mankind.
However-getting exasperated, losing heart or getting shattered, is not acceptable to the mankind. We have to remain vigilant, closely monitor it, follow the rules of engagement in such a war, save ourselves and move ahead.Today, when the world is in crisis, we must strengthen our resolve. Our great resolve will help overcome this crisis.
Friends, we have been hearing since the last century that the 21st century belongs to India. We have seen how the world was before Corona and the global systems in detail. Even after the infliction of the Corona crisis, we are constantly watching the situation as it unfolds across the globe. When we look at these two periods from India’s perspective, it seems that the 21st century is the century for India. This is not our dream, rather a responsibility for all of us.
But what should be its trajectory?
The state of the world today teaches us that a (AtmaNirbhar Bharat) “Self-reliant India” is the only path .It is said in our scriptures - EshahPanthahThat is - self-sufficient India.
As a nation today we stand at a very crucial juncture. Such a big disaster is a signal for India,it has brought a message and an opportunity.I will share my perspective with an example. When the Corona crisis started, there was not a single PPE kit made in India. The N-95 masks were produced in small quantity in India. Today we are in a situation to produce 2 lakh PPE and 2 lakh N-95 masks daily. We were able to do this because India turned this crisis into an opportunity.
This vision of India - turning crisis into opportunity- is going to prove equally effective for our resolve of self-reliant India.
Today the meaning of the word self-reliance has changed in the global scenario. The debate on Human Centric Globalization versus Economy Centralized Globalization is on. India’s fundamental thinking provides a ray of hope to world. The culture and tradition of India speaks of self-reliance and the soul is VasudhaivaKutumbakam.
India does not advocate self-centric arrangements when it comes to self-reliance. India’s self-reliance is ingrained in the happiness, cooperation and peace of the world.
This is the culture which believes in the welfare of the world, for all the living creatures and the one which considers the whole world as a family. Its premise is ‘माता भूमिः पुत्रो अहम् पृथिव्यः’ - the culture that considers the earth to be the mother. And when the Bharat Bhumi, becomes self-sufficient, it ensures the possibility of a prosperous world. India’s progress has always been integral to the progress of the world.
India’s goals and actions impact the global welfare. When India is free from open defecation,it has an impact on the image of the world. Be it TB, malnutrition, polio, India’s campaigns have influenced the world.
International Solar Alliance is India’s gift against Global Warming. The initiative of International Yoga Day is India’s gift to relieve stress. Indian medicines have given a fresh lease of life to the people in different parts of the world.
These steps have brought laurels for India and it makes every Indian feel proud. The world is beginning to believe that India can do very well, so much good for the welfare of mankind can give.
The question is - how?
The answer to this question is – A Combined resolve of 130 crore citizens for a self-reliant India.
We have a proud history of centuries. When India was prosperous, it was called the golden goose, it was prosperous, and then it always walked tall for the welfare of the world.
Then the times changed, the country was caught in the chains of slavery, we longed for development. Today, when India is making rapid strides in its progress, it is still committed to the goal of global welfare. Remember, the Y2K crisis at the beginning of this century. Technology experts from India pulled the world out of that crisis. Today we have the resources, we have the power, and we have the best talent in the world.
We will make the best products, will improve our quality further, make the supply chain more modern, we can do this and we will definitely do it.
I had witnessed the Kutch earthquake. There was debris everywhere. Everything was destroyed. It seemed as if Kutch had fallen asleep wearing a sheet of death. In that situation no one could have imagined that the situation would ever change. However, Kutch stood up, Kutch started moving, Kutch moved. This is the grit and determination of weIndians.
If we are determined then we can reach our goals and no path will be difficult. And today there is a will and there is a way. That is to make India self-reliant. Our combined resolve is so strong that India can become self-sufficient.
Friends, this magnificent building of self-reliant India will stand on five Pillars.
First Pillar is Economy, an economy that brings Quantum Jump rather than Incremental change.
Second Pillar is Infrastructure, an infrastructure that became the identity of modern India.
Third Pillar is Our System. A system that is driven by technology which canfulfill the dreams of the 21st century; a system not based on the policy of the past century.
Fourth Pillar is Our Demography. Our Vibrant Demography is our strength in the world’s largest democracy, our source of energy for self-reliant India.
The fifth pillar is Demand. The cycle of demand and supply chain in our economy, is the strength that needs to be harnessed to its full potential. In order to increase demand in the country and to meet this demand, every stake-holder in our supply chain needs to be empowered. We will strengthen our supply chain, our supply system built up with the smell of the soil and the sweat of our labourers.
Friends, amidst the Corona crisis, I am announcing today a special economic package with a new resolution. This economic package will serve as an important link in the ‘AtmaNirbhar Bharat Abhiyan” (Self Reliant India Campaign)’.
Friends, in the recent past economic announcements made by the government related to the Corona crisis, which were the decisions of the Reserve Bank. The economic package that is being announced today, if added, comes to around Rs. 20 lakh crores. This package is about 10 percent of India’s GDP. With this various sections of the country and those linked to economic system will get support and strength of 20 lakh crore rupees. This package will give a new impetus to the development journey of the country in 2020 and a new direction to the Self-reliant India campaign. In order to prove the resolve of a self-reliant India, Land, Labor, Liquidity and Laws all have been emphasized in this 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. 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. Starting tomorrow, over the next few days, the Finance Minister will give you detailed information about this economic package inspired by the ‘Self-reliant India campaign’.
Friends, it is now imperative for the country to move forward with the commitment of Bold Reforms to create a self-reliant India. You have also experienced that as a result of the reforms over the past 6 years, today even in this time of crisis; India’s systems have looked more efficient. Otherwise, who could have thought that the money sent by Government of India will reach directly in the pocket of the poor farmer! But it has happened. That also happened when all the government offices were closed; the means of transport were shut down.This was just a reform related to Janadhan-Aadhaar-Mobile-JAM’s Trishakti, the effect of which we have just seen. Now the scope of the reforms has to be broadened, giving a new height. These reforms will be in the entire supply chain related to farming, so that the farmer is also empowered and will have minimal impact on agriculture in any other crisis like corona in future. These reforms will be for, rational tax system, simple and clear rules-of-law, good infrastructure, capable and competent human resources, and building strong financial system. These reforms will encourage business, attract investment and strengthen our resolve for Make in India.
Friends, self-reliance is possible only through inner strength and self-belief. Self-reliance also prepares the country for a tough competition in the global supply chain. And today it is the need of the hour that India should play a big role in the global supply chain. Realizing this, many provisions have also been made in the economic package. This will increase the efficiency of all our sectors and also ensure quality.
Friends, this crisis is so big, that the biggest systems have been shaken. However, under these circumstances, the country has also seen the resolve and restraint of our poor brothers and sisters, especially the street vendors, hawkers, labourers, those who are working in homes, they have done a lot of penance during this time, they have sacrificed a lot. Who would not have realized their absence? 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.
Friends, the Corona crisis has also explained to us the importance of Local manufacturing, Local market and Local supply chain. In times of crisis, this Local has fulfilled our demand, this Local has saved us. Local is not just the need, it is our responsibility also. Time has taught us that we must make the Local as a mantra of our life. The Global Brands you feel today were sometimes also very local like this. But when people started using them, started promoting them, branding them, proud of them, they became Global from Local Products. Therefore, from today every Indian has to become vocal for their local, not only to buy local products, but also to promote them proudly. I am confident that our country can do this. Your efforts have increased my reverence for you every time. I recollect one thing with pride. When I requested you and the nation to buyKhadi and said it will be a great support to our handloom workers. Today, the demand and sales of both Khadi and handloom have reached record levels in a very short time. Not only that, you also made it a big brand. It was a very small effort, but the result was very good.
Friends, experts and scientists have pointed out that Corona will remain a part of our lives for a long time. But at the same time, we cannot allow this to happen that our lives will be confined only around the corona. We would wear masks, follow two yards distance and pursue our goals. Therefore, the fourth phase of lockdown, 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 to you before 18 May. I am confident that by following the rules, we will fight Corona and move forward.
Friends, In our culture, it is said ‘सर्वम् आत्म वशं सुखम्’ i.e. what is in our control, is happiness. Self-reliance leads to happiness, satisfaction and empowerment. Our responsibility to make the 21st century, the century of India, will be fulfilled by the pledge of self-reliant India. This responsibility will only get energy from the life force of 130 crore citizens. This era of self-reliant India will be a new vow for every Indian as well as a new festival. Now we have to move forward with a new resolve and determination. When ethics are filled with duty, the culmination of diligence, the capital of skills, then who can stop India from becoming self-reliant? We can make India a self-reliant nation. We will make India self-reliant. With this resolve, with this belief, I wish you the very best.