New Delhi: Prime Minister Narendra Modi on Tuesday announced massive new financial combined stimulus of Rs 20 lakh crore (USD 266 billion) dubbed as Atmanirbhar Bharat Abhiyan (self-reliant India campaign) to revive the COVID-hit economy which is almost 83 percent of Pakistan’s annual GDP.
The financial stimulus will be around 10 percent of the country’s GDP. In terms of the dollar conversion of the Atmanirbhar Bharat Abhiyan, the stimulus is almost 83 percent of the annual GDP of Pakistan at USD 320 billion.
Not only Pakistan, the stimulus value in dollar terms is higher than the annual GDP of 149 countries, a world bank GDP indicator shows.
Apart from the Reserve Bank of India (RBI) assistance, the government had last month announced a Rs 1.74 lakh crore to provide benefits to the poor, including cash transfers, Rs 50 lakh insurance cover and steps to ensure food security.
This package of Rs 20 lakh crore is expected to give a new impetus to sagging economy. Modi emphasised that bold reforms are needed to make the country self-reliant so that the impact of crisis such as COVID can be negated in future that ranges from supply chain reforms for agriculture, rational tax system, simple and clear laws. He also pointed that measures must be in place to attract investment and further strengthen 'Make in India'.
Tuesday's speech was prime minister's fifth address to the nation and it came a day after he held a marathon meeting with chief ministers on the road ahead after May 17 when the 54-day nationwide lockdown is due to end.