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PM Modi Speech HIGHLIGHTS: To battle Covid-19, Rs 20,00,000 crore economic package

PM Modi Speech HIGHLIGHTS: In his address to the nation, the Prime Minister has announced an overall economic package worth Rs 20 lakh crore, adding that the fourth phase of the lockdown will be different with new rules.

By: Express Web Desk | New Delhi |
Updated: May 13, 2020 8:35:07 am
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PM Modi Address to Nation: Addressing the nation five days before the third phase of the nationwide lockdown is slated to end on May 17, Prime Minister Narendra Modi Tuesday said the fourth phase of the lockdown will be in a new form. “Scientists say that the novel coronavirus will be a part of our lives for a very long time. But we can’t let our lives remain confined around it. We will wear masks and maintain social distancing but we will not let it (the virus) affect us.” The new rules will be announced before May 18, he added.

The Prime Minister also announced a complete package worth Rs 20 lakh crore to deal with the economic crisis due to the COVID-19. Finance Minister Nirmala Sitharaman will announce the details of the special economic package from Wednesday. “This will play an important role in the ‘Atmanirbhar Bharat Abhiyan’, he said, adding that the the announcements made by the govt so far, the decisions of the RBI and today’s package adds to Rs 20 Lakh Crores or 10% of India’s GDP.”

The Prime Minister emphasised on achieving self-reliance for the country at a time when the pandemic has brought the economy to a standstill. “This era of self-reliance will be our new pledge, we have to move on with new resolve.” This is the prime minister’s fifth address to the nation, including a video message, following the outbreak of Covid-19, which has so far claimed 2,293 lives and infected 70,756 people in the country.

PM Modi’s address comes a day after he held a marathon six-hour meeting with chief ministers, with several states, including Maharashtra, Punjab, Telangana and West Bengal, seeking an extension of the lockdown. Others pitched for further easing of restrictions and more say in which districts fall under red, orange and green zones.

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In address to the nation, PM Narendra Modi said the fourth phase of the lockdown will be announced before May 18, but that it will be different with new rules as "we can't let our lives remain confined around coronavirus". Follow LIVE Updates in Malayalam, Bangla

08:21 (IST)13 May 2020
The math: It’s 10% of GDP, but less than 5% cash outgo

The Rs 20-lakh crore package announced by Prime Minister Narendra Modi sounds big but will burn only a small hole in the government’s finances. A large part of it, or as much as Rs 8.04 lakh crore, is additional liquidity injected into the system by the Reserve Bank of India through various measures in

Add to this the Rs 1.7 lakh crore fiscal package announced by Finance Minister Nirmala Sitharaman on March 27. The balance of the economic package, details of which are not yet known, then stands at Rs 10.26 lakh crore. It is expected that the Finance Minister will announce the details at the earliest since this has a bearing on the bond markets. Sources familiar with discussions within the government said the fiscal outgo may not be more than Rs 4.2 lakh crore during the year, taking cues from the revised borrowing calendar announced just three days back.

08:08 (IST)13 May 2020
On the table: Safety net for the poor, MSMEs, tax breaks, land assets

Prime Minister Narendra Modi’s announcement of a Rs 20 lakh crore package to help cushion the Covid economic impact and set the stage for “self-reliance”, could pivot around measures that the government is set to unveil in a staggered manner starting Wednesday.

“Land, labour, liquidity and laws” — that was how the PM defined the key themes of the package. This is likely to translate into: steps to bolster liquidity for the Micro, Small and Medium Enterprises (MSMEs), among the worst impacted sectors; a push to the process of monetisation of surplus land assets held by Ministries and Central PSUs; a state-led easing of labour regulations and additional tax breaks for companies investing above a certain threshold in technology-intensive sectors like pharma, medical devices and telecom equipment. Over the next few days, Finance Minister Nirmala Sitharaman will provide details of the package that is likely to include measures to boost local manufacturing, help improve India’s competitiveness in a global economy, and provide relief to the distressed poor, labourers and hapless migrants.

07:34 (IST)13 May 2020
₹20 lakh crore package for “self-reliant” India

Prime Minister Narendra Modi on Tuesday announced that India’s combined economic package would be worth Rs 20 lakh crore or 10 per cent of GDP, which would make India self-reliant and position it for the post Covid-19 world.

With the third phase of lockdown ending on May 17, the Prime Minister said the fourth stage will be new in form — and the details, which will be drawn up on the basis of suggestions from the state chief ministers, would be announced by May 18. The details of the Rs 20 lakh crore package, which would help every section including workers, farmers, middle class and industrial units, would be announced by Finance Minister Nirmala Sitharaman in the coming days, the Prime Minister said.

01:33 (IST)13 May 2020
Adityanath hails Rs 20 lakh cr economic package announced by PM

Uttar Pradesh Chief Minister Yogi Adityanath on Tuesday welcomed Prime Minister Narendra Modi's announcement of an economic package of Rs 20 lakh crore, saying it will help labourers, farmers and industries to come out of the crisis created by coronavirus.

"We are all grateful to the PM that during this crisis, he has announced a very large economic package of 20 lakh crore to support the poor, farmers, labourers, MSMEs, migrant workers, street vendors and daily wage earners," he said. "I am confident that through this large economic package, not only the MSME sector of Uttar Pradesh but also the One District One Product will get a new height. Due to the corona crisis, the sector was facing a lot of hardships. This package will give a new financial boost to it," Adityanath said.

01:06 (IST)13 May 2020
Rajasthan CM Gehlot welcomes announcement of economic package

Welcoming the announcement of a financial package of Rs 20 lakh crore, Rajasthan Chief Minister Ashok Gehlot on Tuesday said it was a delayed decision and Prime Minister Narendra Modi should have done it earlier.

"Better late than never," the chief minister said. "It is a welcome step but the announcement of a financial package should have been done earlier," he said.

"People were waiting for the financial package. They are facing hardship and now this package will give them a hope," Gehlot told PTI. On moving ahead post the third phase of the lockdown, the chief minister said that next challenge for the state would be to ensure that coronavirus does not spread to the villages with the arrival of migrants.

23:49 (IST)12 May 2020
‘Deeply disappointed': Opposition reacts to PM Modi’s address to the nation

The Congress Tuesday said the country was “deeply disappointed” with Prime Minister Narendra Modi’s address to the nation as it had “failure to address woes of millions of migrant workers”. Party spokesperson Randeep Singh Surjewala said the Prime Minister had given the media a “headline” at a time when the country was waiting for a “helpline”.

Trinamool Congress MP Derek O’ Brian, meanwhile, said the country had to wait for the “devil”, as the devil was in the details of the relief package announced by the Prime Minister. “We saw the box and wrapping paper, but what’s inside, we don’t know,” he said in a video message.

“Is it really that much. When they announced relief package and when you looked closely, you saw the relief package was much less than what was projected,” Brien added.

23:16 (IST)12 May 2020
Explained: PM Modi’s self-reliant India Mission economic package

On Tuesday, Prime Minister Narendra Modi said that the country should view the Covid-19 economic crisis as an opportunity to achieve economic self-reliance. In his address to the nation, he stressed on the importance of promoting “local” products. He called it the Atam-nirbhar Bharat Abhiyan (or Self-reliant India Mission) and said that in the days to come his government will be unveiling the details of an economic package — worth Rs 20 lakh crore or 10% of India’s GDP in 2019-20 — aimed towards achieving this mission.

Is this a new package?

Not entirely. While the PM did not give the details, he did specify that this calculation of Rs 20 lakh crore includes what the government has already announced and the steps taken by the Reserve Bank of India. READ FULL EXPLAINED HERE

22:47 (IST)12 May 2020
Clarion call for Swadeshi 2.0: Deloitte on PM Modi's 'Aatmanirbhar Bharat' appeal

N Venkatram, CEO, Deloitte India on Prime Minister Narendra Modi's call for making India self-reliant. 

“It is exemplary of our Prime Minister to defend the country against the ravages of the pandemic and rally Indian citizens to capture global opportunities that will define our country’s future. It is a clarion call for Swadeshi 2.0. Our neighbour China exports circa US $2.3 trillion of goods annually, and as global supply chains are reimagined, India has a once in a lifetime opportunity to look at serving the domestic market through import substitution, and also address the export opportunity of about US $1 trillion in defined sectors.

The regulatory changes should be designed to encourage entrepreneur spirit, the industrialist mind-set to build a new India, as manufacturing and jobs move to India. The establishment of a food processing industry in itself will, for example, have great potential for export and will also be a big boost to our agriculture sector, reducing the tribulations of migrant labour.”

22:31 (IST)12 May 2020
What is ‘Atmanirbhar Bharat Abhiyan’ announced by PM Modi

In his fifth address to the nation, Prime Minister Narendra Modi announced an economic package totaling Rs 20 lakh crore to tide over the Covid-19 crisis under ‘Atmanirbhar Bharat Abhiyan’. The Rs 20 lakh crore package includes the government’s recent announcements on supporting key sectors and measures by Reserve Bank of India.

PM Modi said the economic package would be around the 10 per cent of the GDP. “I announce a special economic package today. This will play an important role in the ‘Atmanirbhar Bharat Abhiyan’. The announcements made by the government on Covid-19, decisions of RBI and today’s package totals to Rs 20 lakh crore. This is 10 per cent of India’s GDP,” PM Narendra Modi said

22:28 (IST)12 May 2020
Painful that migrants, hunger not part of PM's speech: Sitaram Yechury

CPI(M)'s General Secretary Sitaram Yechury criticised PM Modi's address to nation, saying it didn't mention the "misery and hunger being faced by millions of Indians," and the four big problems confronting the country. 

21:56 (IST)12 May 2020
Finance Minister will have to clarify, then only it will be clear which sector is getting what: Chhattisgarh CM

Reacting on PM Modi's package announcement, Chhattisgarh Chief Minister Bhupesh Baghel told ANI: 'Financial package should have been announced earlier. It is not clear what is in the package for laborers, farmers, traders, and MSMEs. Tomorrow Finance Minister will clarify it then only it will be clear which sector is getting what.'

21:46 (IST)12 May 2020
Modi gave a headline, country waiting for helpline: Congress

Responding to Prime Minister Narendra Modi's address to the nation on the coronavirus pandemic, the Congress said the PM's announcements have given the country and the media a "headline." The party's spokesperson Randeep Surjewala raised the issue of migrant labourers. "India is deeply disappointed by your utter lack of empathy, sensitivity & failure to address the woes of millions of migrant workers," he said. 

21:41 (IST)12 May 2020
BJP president lauds 'world's largest holistic relief package'

"Today, our Honble Prime Minister has declared the world’s largest holistic relief package. The Modi govt has given financial packages of ₹ 20 Lakh Crore to support every section of the society. It is around 10% of Indian GDP. Hon PM’s proactive approach will build an AatmanirbharBhara," BJP president JP Nadda tweeted.

21:37 (IST)12 May 2020
PM Modi lists five pillars of 'Aatmanirbhar Bharat'

Economy, Infrastructure, System, Demography, Demand: These are the five pillars of an aatmanirbhar Bharat, Prime Minister Narendra Modi said in his address to nation

21:31 (IST)12 May 2020
Takeaways from PM speech: Self-reliant India, economic package, lockdown 4.0

In his fifth address to nation since the coronavirus outbreak in the country, Prime Minister Narendra Modi Tuesday said even as the people take precautionary measures in their daily lives, the virus cannot control us.

Indicating a relaxed lockdown 4.0, the PM said it was time to be safe and move forward as well.

Taking note of the economic situation, the Prime Minister said the total package to mitigate the economic stress owing to the lockdown amounts to Rs 20 lakh crore. He also emphasised on making India self reliant or "aatmanirbhar" and encourage local demand. 

21:17 (IST)12 May 2020
Extraordinary, inspiring: BJP leaders hail PM address to nation

BJP leaders have hailed Prime Minister Narendra Modi's address to nation in which he urged the country to be "vocal about local" in making the country "self-reliant" and announced the overall economic package to deal with the economic fallout of the coronavirus pandemic to be worth Rs 20 lakh crore. 

21:11 (IST)12 May 2020
Aatmanirbhar Bharat will build 21st century India: Finance Minister

Lauding Prime Minister's appeal for a self-reliant India, Finance Minister Nirmala Sitharaman urged to make "local our mantra" and that the "AatmaNirbhar Bharat" will build the 21st century for the country. 

21:03 (IST)12 May 2020
ICYMI: What PM Modi said in his address to nation

Stressing that “we have to protect ourselves and move ahead as well”, Prime Minister Narendra Modi, in his address to the nation, announced a special economic package amounting to Rs 20 lakh crore to deal with the Covid-19 crisis. PM Modi also said the fourth phase of nationwide lockdown would be different and have new rules and guidelines.

Key quotes

#Before the outbreak, not a single PPE or N95 masks were made in India, but now we are making at least 2 lakh of PPE and 2 lakh N95 daily.

#India’s self-reliance will be based on five pillars–economy, infrastructure, technology-driven system, vibrant demography and demand.

#The fourth phases of lockdown will be based on inputs we are getting from the states. Information on this will be given to you before May 18.

#This special economic package is for our labourers, farmers, honest taxpayers, MSMEs and cottage industry. The details of the package will be announced by Finance Minister Nirmala Sitharaman in the coming days.

20:56 (IST)12 May 2020
With respect to budget announcements, how big is 20 lakh crore economic package

How big is a 20 lakh crore economic package when compared to the recent annual budget announcement:

Expenditure: “The government proposes to spend Rs 30,42,230 crore in 2020-21, which is 12.7% higher than the revised estimate of 2019-20.”

Receipts: “The receipts (other than net borrowings) are expected to increase by 16.3% to Rs 22,45,893 crore, owing to higher estimated revenue from disinvestments.”

20:38 (IST)12 May 2020
Indians should become vocal for our local products: Modi

To strengthen local markets, PM Modi said local suppliers have met 'our demands' during this crisis and now Indians will have to be 'vocal about local' and buy products from them. "The Covid-19 pandemic has taught us the importance of local supply chains very well. The global brands we see today were once local, they grew after their countrymen supported them. From today, all Indians should become vocal for our local products," he said. 

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At the end of the meeting with CMs, PM Modi asked chief ministers to share a broad strategy on how they would want to deal with the lockdown regime in their particular states by May 15. “I want states to make a blue print on how to deal with various nuances during and after the gradual easing of the lockdown,” he told them.

Sources present in the meeting said a consensus seemed to be building around a demand by Punjab Chief Minister Amarinder Singh that the authority to zone districts into red, orange and green categories be delegated to states with even the BJP-ruled Haryana backing it.

Sources said the Prime Minister asked states to make their own policy, decide on zonal restrictions, activities to be allowed in containment zones, and outside. He made it clear that there would be no full-fledged opening of the railways; it would be need-based and slow. “He also said till a vaccine was found, maintaining social distancing — of 2 metres — was the only weapon against Covid. He also said pre-Covid and post-Covid are two different worlds and India should look out for new economic opportunities, it should not lose out,” said an official.

In his opening remarks, Prime Minister Modi stressed on teamwork, compassion and statesmanship while dealing with the crisis. Pointing out that India’s approach has gained global recognition, he said the country has a “clear indication as to the geographical spread of the pandemic in India including the worst affected areas” and that officials have understood the operating procedures right up to the district levels.

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