Prime Minister Narendra Modi has announced an economic package of Rs. 20 lakh crore to revive the faltering economy and for India facing the corona crisis. PM Modi mentioned of this package being 10 per cent of India’s GDP.But you will be surprised to know that this package is almost equal to the total GDP of our neighbouring country, Pakistan. Pakistan’s total GDP in the year 2019 was 284 billion dollars. While the self-reliant India campaign package is 266 billion dollars. Only 18 billion dollars less. Not only that, the package is larger than economies like Greece, New Zealand, Vietnam, Romania and Portugal.
India‘s relief package is the fifth largest package in terms of GDP in the world. Japan has the world’s largest economic package to overcome the epidemic, accounts for 21.1 per cent of its GDP. The US ranks second with 13 per cent. Sweden has given a relief package equal to 12 per cent of its total GDP, which is in third place. Germany is fourth with 10.7 per cent. PM Modi clarified at the time of the announcement of the package that the package is 20 lakh crore by merging the economic announcements made by the Government and the Reserve Bank’s decisions. PM Modi clarified at the time of the announcement of the package that the package is 20 lakh crore by merging the economic announcements made by the Government and the Reserve Bank’s decisions.
Key link of Self-Reliant India Campaign
Addressing the country, Prime Minister Narendra Modi had said that the economic package for every section will be important. PM Modi says, the package will serve as an important link to the self-reliant India campaign. He said, “Through all this, various sections of the country will get a strength of Rs. 20 lakh crores. The 20 lakh crore package will give a new impetus to the country’s development journey in 2020. In this package, land, labour, liquidity has been emphasized in the package to fulfil the resolution of self-reliant India.”
Finance Minister Nirmala Sitharaman to give details
Finance Minister Nirmala Sitharaman will hold a press conference in this regard at 4 pm this evening. It will tell which areas the economic package of Rs. 20 lakh crore will be used and what will be the amount.