PM Modi Declares a 20 Lakh Crore Package to Counter Financial Fallout due to COVID-19 - TNBCLive

On Tuesday evening, Prime Minister Narendra Modi addressed the nation announcing some new updates over coronavirus. The most important declaration he made, was a Rs 20 lakh crore stimulus package to counter the financial fallout of the coronavirus crisis. 

However, he did not provide any details which are yet to come. India will not be controlled by the virus, he said. The PM further mentioned about “lockdown 4.0”, saying this time lockdown will be totally different with new rules. The third phase of lockdown will end on May 17. The economic package is around 10% of India’s GDP and will be a component of “Aatma Nirbhar Bharat” said PM Modi.

“Corona will be with us for a long time but our lives cannot revolve around it. We will wear masks, we will follow doh gaj doori (six-foot distance), but we won’t let it derail our targets,” he stressed.

“The package will focus on land, labour, liquidity and law; it will help small businesses, labourers, farmers, the middle class and cottage industries. It will focus on the well-being of migrant workers too,” said the PM.

“Day labourers, migrant workers have suffered much in this period. It is our duty now to do something for them.”

On the 50th day of lockdown, PM Modi said Finance Minister Nirmala Sitharaman will be addressing several press conferences in the coming days giving further details. The countrywide lockdown for over six weeks may create a huge impact on the economy of the country. On Monday, during the meeting between the Chief Minister and PM Modi, the CMs urged for an economic package and a bigger share of the revenue. India has 74,281 cases with 2415 deaths so far.

Related Articles