Key details of Rs 20 lakh crore economic package: What to expect?

Finance Minister Nirmala Sitharaman will address a press conference at 4 pm today, May 13, a day after Prime Minister Narendra Modi announced a Rs 20 lakh crore stimulus package, to revive the economy reeling under the impact of coronavirus-induced lockdown.

In today's press meet at the National Media Centre, FM Sitharaman will share key details on the break-up of the Rs 20 lakh crore economic booster announced by PM Modi in a televised address to the nation on May 12.

The Rs 20 lakh crore relief package, one among the largest in the world, includes Reserve Bank of India (RBI)'s assistance and a Rs 1.7 lakh crore package announced earlier by the Ministry of Finance. This amounts to nearly 10 percent of the nation's GDP.

PM Modi's self-reliant India mission

In a fifth address to the nation since the coronavirus pandemic, PM Modi said, "I am announcing an economic package of Rs 20 lakh crore, which is almost 10 percent of India's GDP, to help India become a self-reliant nation."

Land, labour, liquidity

PM Modi's economic package will focus extensively on land, labour, liquidity and law to jumpstart the bruised economy. The Prime Minister said that the details of this package would be shared by FM Sitharaman on Wednesday.

Labourers, MSMEs

PM Modi said that the stimulus package will primarily focus on the country's small industries, including cottage industries, small-scale industries, MSMEs, home industry, which support the livelihoods of many.

'Reform stimulus, mindset overhaul'

Taking to Twitter, FM Sitharaman termed it as not just a financial package, but a "reform stimulus, a mindset overhaul, and a thrust in governance".

"A special economic package is being announced- for an Atma Nirbhar Bharat Abhiyan with nearly 10% of a GDP (approx Rs 20 lakh) getting committed. MSMEs and the honest middle class help build a #selfreliant India," tweeted Sitharaman.

In a series of tweets, Sitharaman said, "If our sankalp is #selfreliantIndia since we have everything that it takes for achieving it we indeed can attain the goal. Skill, enterprise and the spirit that converted the earth-quake affected Kutch (Gujarat) into a prosperous area can help our sankalp."

"#AatmanirbharBharat Abhiyan to include everyone-a hawker/street vendor, a trader, a MSME, an honest tax paying middle class,a manufacturer etc. This shall not be just a financial package, but a reform stimulus, a mindset overhaul, and a thrust in governance," read the finance minister's tweet.