The economic stimulus package announced today will liberate India from constraints in four key areas, namely, land, labour, liquidity, and laws.
Prime Minister Narendra Modi today sought to turn the unprecedented coronavirus crisis into an opportunity of a lifetime for India to make the nation a self-reliant economic powerhouse with the help of a massive package worth Rs 20 lakh crore. The coronavirus crisis, Narendra Modi said, has taught India and its people once again how to fulfil their needs without depending on other nations. In a reform reminiscent of the liberalisation of 1991, which was also born during an economic crisis, Narendra Modi unveiled the economic package equivalent to 10 per cent of India’s GDP to “ensure India’s journey towards development”. He said that today’s economic package is for all classes of society, for all Indians and industry.
Four key areas of India’s economic liberalisation 2020
The economic stimulus package announced today will liberate India from constraints in four key areas, namely, land, labour, liquidity, and laws, Narendra Modi said. Notably, various Indian states including Uttar Pradesh, Madhya Pradesh and Gujarat have recently announced various reforms and relaxations in labour laws, making it easier for businesses to register, run operations and hire workers.
With an emphasis on using the local products, PM said that every Indian should become vocal for local products, and Indians should not only buy the domestic products but also show them with pride. Finance Minister Nirmala Sitharaman also added to the PM’s urge to promote local products by saying that we should make local our mantra as every big product and branded product was local sometime. She said that the way the country supported Khadi to become bigger, she is sure that even this call for a self-reliant India will be adopted by all and build the 21st century for India. PM Modi said that from tomorrow, FM Sitharaman will outline the economic packages.
Five pillars of India’s self-reliance
The self-reliant Indian economy will stand on five pillars, namely, economy, infrastructure, system, demography, and demand, Narendra Modi said. The Prime Minister said that a quantum jump in economy is needed, instead of incremental growth. Along with the vibrant demography, he said the new infrastructure should be visible as an identity of the new India. He also said that the country should be working on a system that is driven by the latest technologies. For demand, PM Modi said that every stakeholder should be empowered in the supply chain in order to increase the demand and fulfil it.