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HomeAnalysisModi announces 266-billion-dollar economic package amid COVID-19 crisis

Modi announces 266-billion-dollar economic package amid COVID-19 crisis

Prime Minister Narendra Modi, on Tuesday announced a 266-billion-dollar economic package aimed at building a “self-reliant India” campaign to beat back the coronavirus crisis.

“The economic package that is being declared today is approximately 20 trillion rupees.

“This package is about 10 per cent of India’s Gross Domestic Product (GDP).

“The relief package will be the main component of a campaign called “Atma-Nirbhar Bharat” (Self Reliant India) and give an impetus to India’s development in 2020,“ Modi said.

The Indian leader said that the country must realise its potential as the lead player in the 21st century by focusing on its self-reliance.

He added that the package would focus on land, labour and small/medium business.

“This package is for migrants and farmers who work for the nation day and night no matter the circumstances,” he said.

With 1.3 billion inhabitants, India enforced the world’s biggest lockdown starting on March 25.

It has been extended in phases until May 17.

India’s coronavirus caseload surged to nearly 70,756 on Tuesday, with a single-day spike of 3,604 cases, with around 2,293 death.

Modi said the fourth phase of the lockdown, beginning on May 18, would be completely re-designed with new rules.

However, details will be made public in the coming days.

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