PM Modi announces $265 billion economic package to fight COVID-19

In his address to the nation on May 12, Indian Prime Minister Narendra Modi announced a massive economic package of more than $265 billion to help the country revive the economic slowdown caused as a result of the on-going seven-week lockdown enforced to stem the spread of the coronavirus.

The economic package will aid the country to pave way to become self-reliant and the Prime Minister Modi launched the ‘Atmanirbhar Bharat Abhiyan’ requesting the people of the country to vocalise the need of the local.

He also said that in its race to become the global power, the government will launch a new set of reforms focussed on land, labour, liquidity and legal framework that will be announced in the days to come by Finance Minister Nirmala Sitharaman.

The long-awaited incentive package amounts to about 10 percent of India’s Gross Domestic Product.  Prime Minister Modi said the country must turn crisis into opportunity and emphasized that the main goal of the package is to build a self-reliant India. 

Photo Credit : https://commons.wikimedia.org/wiki/File:PM_Modi_2015.jpg

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