New Delhi: A day after interacting with chief ministers on ways to boost economic activity, Prime Minister Narendra Modi on Tuesday (May 12) announced an economic package of Rs 20 Lakh crore, and added that this will be 10 per cent of India's GDP.


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PM Modi said, “I announce a special economic package today. This will play an important role in the 'Atmanirbhar Bharat Abhiyan'. The earlier announcements made by the government over COVID, decisions of RBI and today's package comes to Rs 20 lakh crores. This is 10% of India's GDP.” 


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In his fifth address, including a video message, to the nation, PM Modi said: "Starting tomorrow, the finance minister will apprise you on details about the package meant to drive the country's 'Aatma Nirbhar Bharat Abhiyaan'."


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Watch video on PM Modi's address to the nation



He said this will be based on land, labour, liquidity and laws to strengthen MSMEs besides strengthening the hands of labourers and farmers who toil hard for people of the nation.


He also referred to five pillars for strengthening Economy, Infrastructure, System, Demography and Demand to meet the power of demand and supply. 


The Prime Minister said, "India has turned a crisis into opportunity. India talks about self-reliance as Vasudhaiva Kutumbakam (the world is one family). India's self-reliant is about comfort and peace of the entire world." 


He added. "It is our responsibility as well as the duty to see that the 21st century belongs to India. We need to be self-dependent."


He also informed that announcement about lockdown 4 will be made before May 18.


Earlier in the day, the PMO said on Twitter, "Shri @narendramodi will be addressing the nation at 8 PM this evening." He last addressed the nation on April 14.


In his virtual meet with chief ministers on Monday, Modi said the challenges are two-fold -- reduction of the transmission rate of the novel coronavirus and gradual increase in public activities while adhering to all guidelines.


The Prime Minister said that the  Centre and states will have to work towards achieving the twin objectives, 


In his March 19 address, he announced a "Janta curfew" on March 22, and on March 24, he had announced a 21-day nationwide lockdown, while on April 14, he had extended the lockdown period till May 3. 


On April 3, in a video message, PM Modi asked the nation to light lamps for frontline corona warriors on April 5, and the Union Home Ministry further extended the lockdown till May 17.