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PM Narendra Modi Speech Highlights: Rs 20 lakh cr economic package, new norms in lockdown 4.0 and more

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PM Narendra Modi Speech: PM announced a special economic package, and said the recent decisions by the government, the decisions by the RBI combined with Tuesday's financial package announcement come to about Rs 20 lakh crore - nearly 10 percent of India's GDP.

PM Narendra Modi Speech Highlights: Rs 20 lakh cr economic package, new norms in lockdown 4.0 and more
  • With that we wrap LIVE updates on Prime Minister's Narendra Modi's speech and new on the coronavirus pandemic from India and around the world. Do join us tomorrow for all the top developments, until then, stay safe, follow social distancing, have a good night.   

  • PM Narendra Modi Speech Updates LIVE: Anand Mahindra says this is an opportunity to change narrative from ‘survival’ to ‘strength’

    Mahindra Group Chairman Anand Mahindra in a tweet said the the PM’s speech has paved the way for us to change the narrative from ‘survival’ to ‘strength’. He tweeted: “This was the PM’s Carpe Diem (Seize the Day) speech; an opportunity to change the narrative from ‘Survival’ to ‘Strength.’ We will know tomorrow whether or not this is going to be a transformational moment like 1991. What I also believe is I won’t get much sleep tonight!”

  • PM Narendra Modi Speech Updates LIVE: Gautam Singhania hails PM Modi’s ‘Be Indian buy Indian’ moto

    Chairman and Managing Director of the Raymond Group, Gautam Singhania hailed PM Modi’s push to becoming hyper local and said: "I am delighted with the announcement of a massive fiscal stimulus along with the fundamental reset of economic matters. The country is clearly migrating from merely battling a pandemic to bringing a paradigm shift in the economic affairs to build a self-reliant India. The vision outlined to make local products global, is a clear indication of shifting from Make in India to Be Indian-Buy Indian motto. While we await the finer details of the economic package, it was much needed in view of the devastating human and economic consequences because of the pandemic."

  • PM Narendra Modi Speech Updates LIVE: Gautam Adani says package a defining moment for PM Modi to transform India

    Billionaire industrialist and Chairman and Founder of Adani Group, Gautam Adani, said that the special economic package announced by PM Modi is a defining moment in the government’s vision on transforming India. He said in a tweet: “The #AatmanirbharBharat package is not just historic for its scale but for its diverse vision focussing on land, labour, liquidity, & laws, a canvas covering wide sections of people. This could be a defining moment in PM @narendramodi & his govt's vision to transform India.”

  • PM Narendra Modi Speech Updates LIVE: Experts hail PM’s Rs 20 lakh crore package announcement, await details

    Economists and industrialists hailed Prime Minister Narendra Modi’s announcement that India will come out with a whopping total Rs 20 lakh crore package to combat the COVID-19 crisis, saying it surpassed their expectations. “This is going to be a gamechanger,” said Vikram Kirloskar, Vice Chairman of Toyota Kirloskar and President of the Confederation of Indian Industries (CII). The CII had asked for a package of Rs 15 lakh crore, an amount it said was needed to alleviate the pain of the economy that has been in lockdown for about 50 days. The PM, who said the Rs 20 lakh crore figure will include steps already announced by the government and the Reserve Bank so far, stated that details of the remaining amount will be announced by Finance Minister Nirmala Sitharaman shortly.

  • PM Narendra Modi Speech Updates LIVE: SIAM President says Rs 20 lakh crore relief package will boost demand and growth

    While commenting on the address of Prime Minister Narendra Modi, SIAM President Rajan Wadhera said, “India has delivered in the fight against COVID 19 on the medical front. Now the promise of Rs 20 lakh crore comprehensive economic package announced by the PM, focusing on economic activities and an overall aim of a self-reliant India, will provide the right boost to demand and growth of our economy once again. The Indian automotive industry is a strong pillar of Make in India with huge contributions to GDP and employment and relies on its highly indiginised supply chain. We are hopeful that a focused package to support the Indian automotive industry would be announced by the Finance Minister, when she announces details of the package.”

  • PM Narendra Modi Speech Updates LIVE: CNBC-TV18 newsbreak confirmed, FM to announce economic relief measures soon

    Confirming the CNBC-TV18 newsbreak, Prime Minister Narendra Modi in his address to the nation said his government is providing Rs 20 lakh crore worth economic relief package which will cater to all sections of the society. Sources privy to the developments told CNBC-TV18 that finance ministry is ready with the economic relief measures and union finance minister Nirmala Sitharaman could announce these measures over the next few days. The said relief measures will be focusing towards daily wage earners, MSMEs, agriculture and rural economy.

  • PM Modi announces Rs 20 lakh crore economic package: Here's a look at the financial packages announced by other countries so far (in US$)
    US | Package: $2.2 trilion | 9.5 percent of GDP
    EU | Package: $545 billion | 3 percent of GDP
    China | Package: $394 billion | 2.5 percent of GDP
    Japan | Package: $1 trillion | 20 percent of GDP
    UK | Package: $81 billion | 3 percent of GDP
    Brazil | Package: $30 billion | 1.7 percent of GDP
    Russia | Package: $4 billion | 0.3 percent of GDP
    South Korea | Package: $80 billion | 5.3 percent of GDP
    Indonesia | Package: $25 billion | 2.5 percent of GDP
    Source: Ambit
    Note: India's package of Rs 20 lakh crore includes monetary package as well.
  • Key reactions to PM Narendra Modi's announcement of Rs 20 lakh crore economic package 

    Reacting to PM Mod’s Deepak Jain, President of ACMA said, "Announcement of the Rs 20 lakh crore economic package is indeed very welcome and is the need of the hour. This will bring much needed relief to several stressed sectors and industries, especially the MSMEs. A significant proportion of the industries in the auto component sector are MSMEs. ACMA is committed to making the Hon'ble Prime Minister's Vision of self-reliance through localisation, global competitiveness, vibrant local manufacturing and a robust local supply chain a reality. Reforms in land, labour, liquidity and laws are critical to make India a driver of global economy.”

  • PM Narendra Modi Speech Live 2020: PM gives a clarion call for ‘Atmanirbhar Bharat’
    PM Narendra Modi in his speech recalled all those who have died battling the pandemic. The PM said that the crisis that has emerged due to COVID-19 is unprecedented, but in this battle, we not only need to protect ourselves but also have to keep moving forward.

    Here’s a statement from the PMO:

    Self-reliant India

    Talking about the pre and post COVID worlds, Prime Minister observed that in order to fulfill the dream of making the 21st century India’s, the way forward is through ensuring that the country becomes self-reliant. Talking about turning a crisis into an opportunity, he gave the example of PPE kits N-95 masks, whose production in India has gone up from almost being negligible to 2 lakh each, on a daily basis.

    Prime Minister remarked that the definition of self-reliance has undergone a change in the globalized world and clarified that when the country talks about self-reliance, it is different from being self-centered. He said that India’s culture considers the world as one family, and progress in India is part of, and also contributes to, progress in the whole world.  He noted that the world trusts that India has a lot to contribute towards the development of the entire humanity.

    Five pillars of a self-reliant India

    Recalling the devastation in Kutch after the earthquake, Prime Minister said that through determination and resolve, the area was back on its feet. A similar determination is needed to make the country self-reliant.

    He said that a self-reliant India will stand on five pillars viz. Economy, which brings in quantum jump and not incremental change; Infrastructure, which should become the identity of India; System, based on 21st century technology driven arrangements; Vibrant Demography, which is our source of energy for a self-reliant India; and Demand, whereby the strength of our demand and supply chain should be utilized to full capacity. He underlined the importance of strengthening all stakeholders in the supply chain to increase, as well as fulfill, the demand.

    Atmanirbhar Bharat Abhiyaan

    Prime Minister announced a special economic package and gave a clarion call for Atmanirbhar Bharat. He noted that this package, taken together with earlier announcements by the government during COVID crisis and decisions taken by RBI, is to the tune of Rs 20 lakh crore, which is equivalent to almost 10% of India’s GDP. He said that the package will provide a much needed boost towards achieving ‘Atmanirbhar Bharat’.

    Prime Minister observed that the package will also focus on land, labour, liquidity and laws. It will cater to various sections including cottage industry, MSMEs, labourers, middle class, industries, among others. He informed that the details of the contours of the package will be provided by the Finance Minister from tomorrow, in the coming few days.

    Talking about the positive impact of reforms like JAM trinity and others, brought about in the last six years, Prime Minister said that several bold reforms are needed to make the country self-reliant, so that the impact of crisis such as COVID, can be negated in future. These reforms include supply chain reforms for agriculture, rational tax system, simple and clear laws, capable human resource and a strong financial system. These reforms will promote business, attract investment, and further strengthen Make in India.

    Prime Minister remarked that self-reliance will prepare the country for tough competition in the global supply chain, and it is important that the country wins this competition. The same has been kept in mind while preparing the package. It will not only increase efficiency in various sectors but also ensure quality.

    Highlighting their contribution to the country, Prime Minister said that the package will also focus on empowering the poor, labourers, migrants, etc., both from organized and unorganized sectors.

    He observed that the crisis has taught us the importance of local manufacturing, local market and local supply chains. All our demands during the crisis were met ‘locally’. Now, its time to be vocal about the local products and help these local products become global, he said.

    Living with COVID

    Prime Minister noted that several experts and scientists have said that the virus is going to be part of our lives for a long time. But, it is also important to ensure that our life does-not revolve only around it. He exhorted people to work towards their targets while taking precautions like wearing masks and maintaining ‘do gaz doori’.

    On the fourth stage of Lockdown, he said that its contours will be completely different from those seen yet. On the basis of recommendations received from states, new rules will be framed, and information about the same will be conveyed before May 18.

  • PM Narendra Modi Speech: Key highlights: Rs 20 lakh crore package and a self-reliant India

    Prime Minister Narendra Modi announced a mega economic stimulus worth Rs 20 lakh crore to push self-reliance in India amid the ongoing lockdown due to the novel coronavirus pandemic. Addressing the nation fifth time on COVID-19 situation, the PM said that India has always turned a crisis into an opportunity.

    Click here for the main highlights from the Prime Minister's speech.

  • PM Modi announces Rs 20 lakh crore economic package: Here’s RBI’s liquidity infusion so far

    Between Feb- March 27: *Rs 2.8 lakh crore

    Announced on March 27: *Rs 3.74 lakh crore (via MSF, CRR & TLTRO)

    Announced on April 17: *Rs 25,000 cr via TLTRO 2.0 for NBFCs

    *Rs 50,000 cr via refinance scheme for NBFCs

    Announced on April 27: *Rs 50,000 cr SLF for MFs

    Total: Rs 7.79 lakh crore

    Note: Some of these are just announcements, where the entire sum has not actually come into the system, eg TLTRO 2.0 and SLF-MF.

  • PM Narendra Modi Speech 2020: PM Narendra Modi announces lockdown 4.0; urges country to become 'Aatma Nirbhar Bharat'

    Prime Minister Narendra Modi has announced lockdown 4.0 which will be focused on India fighting the economic hit due to the coronavirus pandemic. Lockdown 4.0 dates will be announced before May 18, Modi said. The Prime Minister also announced an economic package worth Rs 20 lakh core (will subsume current packages) and said it calculates to 10 percent of the country's GDP. Finance Minister Nirmala Sitharaman will announce details of the new stimulus package in the next two days. Modi also said that the country needs to focus on being self-reliant on five parameters/guidelines.

  • PM Narendra Modi Speech Live 2020: PM’s economic package lauded by all in India

    Jayant Sinha tweet: Hon’ble FM Smt @nsitharaman ji will provide details in the next few days. The reform package will make India more globally competitive and position India as a global superpower. Collectively, we Indians can make the 21st century, the Indian Century. #AatmanirbharBharat

  • PM Narendra Modi Speech Live 2020: Economic package is for labourers, farmers, honest tax payers, MSMEs and cottage industry

    Prime Minister Narendra Modi announced a special economic package, and said the recent decisions by the government, the decisions by the RBI combined with the May 12 financial package announcement come to about Rs 20 lakh crore - nearly 10 percent of India's GDP. There is unprecedented crisis but India will neither get tired nor give up the fight against coronavirus, and asserted that "we have to protect ourselves and move ahead as well". Special economic package is for our labourers, farmers, honest tax payers, MSMEs and cottage industry, the prime minister said in a televised address to the nation. India is standing on five pillars --economy, infrastructure, governing systems, vibrant democracy and supply chain.

  • PM Narendra Modi Speech Live 2020: World’s most holistic COVID-19 relief package

    PM Modi’s New Deal for Aatmanirbhar Bharat - a resilient India. While most countries have focused on financial packages only, India has gone much further. Other nations are being reactive: they are responding to COVID. India under PM Modi is being proactive- we are going ahead with reforms for future proofing India. India’s package is not trickle down, but empowers one and all. There is great focus on labour, hawkers, street vendors etc, who tend to always get neglected.  India is ushering in reforms, improving governance systems and further liberalising its economy. There is no talk of tariffs but of overall transformation. There is no talk of isolation but of integration. There is no talk of only a financial package but of a reform stimulus and governance and mindset overhaul.

  • PM Narendra Modi Speech Live 2020: Lockdown 4.0 will be of new norms, to be announced on May 18

    “All experts have said that COVID-19 will be a part of our lives for a long time. We will wear masks and maintain social distancing, but not compromise on our goals. The fourth phase of lockdown will be of new norms. Lockdown 4.0 will have new guidelines. What is in our control is our happiness. India can succeed in the 21st century only with self-reliance. I congratulate all Indian citizens,” said PM Modi.

  • PM Narendra Modi Speech Live 2020: Every Indian has to become vocal for local products

    “Every Indian should buy and promote local products. To become global we have to become local (swadeshi mantra),” says PM Modi. He has also approved Rs 2 lakh for deceased of the Aurangabad train tragedy.

    Meanwhile, FM Nirmala Sitharaman tweeted: “For every section of our society there is something in the #AatmaNirbharBharat  We should make #Local our mantra. Every big product, branded product, were #Local sometime. @PMOIndia @narendramodi is confident that we can do this.”

  • PM Narendra Modi Speech Live 2020: Economic package is for the honest middle class tax payers

    “This economic package is for the honest middle class tax payers. The 20 lakh crore package includes RBI relief measures and Finance Minister Nirmala Sitharaman will give more details about the package. Starting from tomorrow, the FM will make announcements on the economic package. The package will increase efficiency of all sectors and improve quality,” PM Modi said.

  • PM Narendra Modi Speech Live 2020: Economic package will focus on areas like land, labour, liquidity and law, says Modi.

  • PM Narendra Modi Speech Live 2020: PM announces Rs 20 lakh crore economic package 10% of GDP

  • PM Narendra Modi Speech Live 2020: India is committed to global welfare, says PM

    Prime Minister Narendra Modi is his address the nation said, “The Indian IT industry has helped the world prevent the Y2K crisis. We have the best talent in the world, we will make the best products in the world and improve on quality, have modern supply chains. We will strengthen our supply chains. India today has the resources and the best talent, we will take forward the supply chain of the world.” 

  • PM Narendra Modi Speech Live 2020: PM says, “The world is aware that India can work for the benefit of mankind.”

  • PM Narendra Modi Speech Live 2020: “India has fought TB, polio successfully, we have set an example for the world. International Solar Alliance and International Yoga Day are India's contribution to the world,” says PM Modi.

  • PM Narendra Modi Speech Live 2020: PM Modi says, “A pandemic like this is unprecedented and unimaginable. But we can't stop, lose or get defeated. We must follow all rules, stay safe and move forward. Today, the world's in danger and we must strengthen our resolution. Our resolution should be greater than this problem.”

  • PM Narendra Modi Speech Live 2020: PM says, “India is a beacon of hope for the world. India's definition of self-reliance takes into account the needs of a globalized world.”

  • PM Narendra Modi Speech Live 2020: Earlier, India did not manufacture any PPE kits, today 2 lakh PPE kits and 2 lakh N-95 masks are being made in India each day.

  • PM Narendra Modi Speech Live 2020: “Self-reliant India is the way ahead. It is not just our dream but also our responsibility to ensure that the 21st century belongs to India,” says PM Modi.

Prime Minister Narendra Modi announced a special economic package, and said the recent decisions by the government, the decisions by the RBI combined with Tuesday's financial package announcement come to about Rs 20 lakh crore - nearly 10 percent of India's GDP. There is unprecedented crisis but India will neither get tired nor give up the fight against coronavirus, and asserted that "we have to protect ourselves and move ahead as well". Special economic package is for our labourers, farmers, honest tax payers, MSMEs and cottage industry, the prime minister said in a televised address to the nation. India is standing on five pillars --economy, infrastructure, governing systems, vibrant democracy and supply chain.