Here Is Everything You Need To Know About PM Modi’s 20 Lakh Crore Package

Narendra Modi

PM Narendra Modi, on Tuesday, addressed the nation amidst the growing number of Coronavirus cases in the country. Modi, in the message, also announced a 20 lakh crore economic relief package which, as per the PM, will help the sections of the society which are in need of help now.

Self-Reliant India

In the entirety of the 33-minute speech, PM Modi focused on the urge for India to become self-reliant. He said that this was the only option if the 21st century has to belong to the nation. To help this happen, Modiji also announced a massive relief package.

PM Modi corona
Courtesy: New Indian Express

20 lakh crores in 2020

Combining all the relief packages announced so far by the Government, and also including the decisions taken by RBI, along with today’s announcement, Modiji announced that a total of 20 lakh crores will serve as the package to help India fight back the virus and the faltering economy.

Dubbed as ‘Aatma Nirbhar Bharat Abhiyan’, this package aims to support all sectors of the society who require help at this point in time. The PM added that the package covers all aspects – land, labour, liquidity, and laws, and will support all small businesses and MSMEs. He also said that this package is for the farmers and workers and other such people who have been working day and night, irrespective of the situation to help the people of India.

Interestingly, this amount is 10% of India’s GDP, which currently stands at 20 lakh crores. Also, the latest budget by the Government is worth 35 lakh crores, and hence, the relief package is 75% of the entire country’s budget allocation.

Source: Free Press Journal