Economic Package of 20 Lakh Crore on Covid-19 Crisis declared by PM Modi,

Today Special Economic Package of 20 Lakh Crore on Coronavirus Crisis declared by PM Modi,

Bringing up the country to the coronavirus crisis, pm Narendra Modi unveiled an economic package of Rs 20 Lakh Crore. He said it was 10% of India’s GDP, adding that it was for the MSMEs and the “honest taxpayers.” “Starting tomorrow, the finance minister will tell you in-depth about the plan that was supposed to move towards ‘Atma-nirbhar Bharat Abhiyaan.’ The Prime Minister has said that the lockout will be continued for the fourth time. He said that the decision had been taken after speaking to the different chief ministers. The specifics of Lockdown 4 will be published before 18 May, the PM added.

It was also described by Modi as an indescribable crisis. The Prime minister says that self-reliance is really the only way forward, and thus does not mean a self-centered strategy. “We’ve got to be stronger. We have to save ourselves and continue to push forward at the same time, “he adds, adding,” We’ve learned that the 21st century is going to belong to India, but it’s not just a fantasy, it’s also our duty. Just how to do it. The current world condition shows that there is only one way: a self-reliant India.

PM said that the twenty-first century belonging to India and it’s appropriate for us to become self-reliant and concentrate on five pillars. Economics, Technology System, Demography Demand

The below mention point are the aspirations of companies, small and medium-sized businesses, and individuals

• The decrease in the maximum marginal rate for real taxpayers;
• Land reforms – Simple creation of new industrial units, large support for the deployment of equipment, purchasing of property and building
• Labor initiatives – Liberalization of Employment Law Rules. Provide for relief from the rules of the EPF and ECSI and other legislation to allow more work time at the same time to provide for mandatory health and medical care.
• A credit guarantee program for cooperatives and agricultural sectors
• Fiscal deficit target to rise to 10% with big liquidity for Bank to Lend to MSME at concessional rate and interest rate subsidies up to 3% to 5% and simple loan approvals
• Begin of Train, Rail and Road and Travel & Tourism to provide them with proper SOPs and subsidies for the procurement of protective equipment
• Export benefits to selected sectors that build opportunities for jobs
• International Industry Special Concession Tax Rate to encourage investment in India and Make in India, to exploit a rare opportunity to attract foreign firms to shift production base in India and out of China. Open foreign direct investment and stimulate development in India
• Education, Engineering, with an improvement in policy spending on certain sectors
• Drop-in GST rates with a one-time waiver of interest and fine on all taxpayers who have failed to file returns

PM Mode pitches for local products: “Every Indian must be a local voice”

• The special economic package is for our workers, farmers, fair citizens, small and medium-sized enterprises, and the cottage industry, says PM.
• Finance Minister will reveal specifics of the Special Economic Plan beginning Wednesday.

The special economic package would depend on land, labor, liquidity, and regulations, says Modi.

• Today, I declare a special economic package. The special economic recovery program for the country will amount to 20 lakh crore, which is almost 10% of GDP. The declarations issued by the Government over Covid-19, the RBI decisions, and today’s bundle totals 20 lakh crore. This is going to play an important role in the ‘Atmanirbhar Bharat Abhiyan,’ said PM”
• “India’s self-reliance should be based on five pillars — economy, infrastructure, technology-driven structures, vibrant demographics, and demand”
• “India has wealth and expertise to produce the best goods, boost efficiency and supply chain”
• “Medicine provided by India has reinforced new dreams in the nation that is battling the war between life and death. With these moves, when India is being celebrated all over the world, every Indian feels proud.
• “If India talks about self-reliance, it does not promote a self-centered system. In India’s self-reliance, there is a concern for the health, harmony, and prosperity of the entire community.
• “India did not manufacture any PPE before the crisis of COVID-19 and developed very few N-95 masks, now we are manufacturing two lakhs of each one,”
• “Making India self-reliant is the only way to make the 21st century part of India,”

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Post by Rajput Jain & Associates