Highlights of PM Narendra Modi’s speech (May 12, 2020) – announces Rs 20-trn economic package

Prime Minister of India, Shri Narendra Modi went live on May 12, 2020 at 8:00 PM (IST) to make certain announcements related to lockdown prevailing in view of COID-19. Here in this post, we have highlighted the major points that the Prime Minister covered in his live speech. The major announcement made by him was a Rs 20 trillion economic package, the detail of which will be announced in the coming few days by the Finance Minister of India. This is to counter the negative effect of economic loss that India is facing due to the lockdown in view of COVID-19.

Highlights of PM Narendra Modi’s speech (May 12, 2020)

  • Announced a Rs 20 trillion package for India’s economy. 
  • The package is nearly equal to 10% of the India’s GDP.

Five pillars of Modi Ji’s speech (May 12, 2020)

  • He said that, India’s self-reliance will be based on five pillar which are – Economy, Infrastructure, Technology driven system, Vibrant demography and Demand. This can be summarized and understood as: 
    • Economy: An economy that takes quantum jumps and not incremental gains.
    • Infrastructure: Infrastructure is synonymous with a modern India.
    • Our system: A system that helps us realise dreams, which is based on tech-driven facilities.
    • Demography: Vibrant demography our strength.
    • Demand: The demand and supply chain, we need to utilise the potential. We need to increase demand in the nation. Each stakeholder must be active.
  • The Special economic package would have an emphasis on four L’s which are- land, labour, liquidity and laws.
  • The details of this, Rs 20 trillion economic package will be announced by Finance Minister, Nirmala Sitharaman starting May 13, 2020. 
  • PM Modi urged the citizens of India to buy locally made products. Citizens should make it a movement, just like once buying Khadi products was made a movement, Indians have to be “vocal about local’ products.
  • Lockdown 4.0 will begin from May 18, 2020, the details of this will be shared before May 18. This time the lockdown will be in a new form and with new rules

PM Modi’s address to the Nation on COVID-19 | 12th May 2020

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