Prime Minister Narendra Modi<\/a> announced a Rs 20-lakh-crore stimulus package, equivalent to about 10% of India’s GDP, aimed at making the country self-reliant and reviving the stalled economy. Details of the plan, dubbed the Atmanirbhar Bharat Abhiyaan, will be unveiled by finance minister Nirmala Sitharaman starting Wednesday, the Prime Minister said in his address to the nation on Tuesday evening.

The programme encompasses earlier packages announced by the government and the Reserve Bank of India, Modi said, adding that bold reforms are needed to make the country self-reliant so that crises such as the Covid-19 pandemic can be overcome in future.

“These reforms include supply chain reforms for agriculture, rational tax system, simple and clear laws, capable human resources and a strong financial system,” he said. “These reforms will promote business, attract investments, and further strengthen ‘Make in India’.”

The package will focus on land, labour, liquidity and laws, and will cater to various sectors including the cottage industries, micro, small & medium enterprises (MSMEs), the working class, middle class and industry, among others. He said the package will also focus on empowering the poor, labourers and migrant workers, both in the organised and unorganised sectors. It will seek to increase efficiency and ensure quality.

The government had announced a Rs 1.7 lakh crore stimulus plan on March 26. The Reserve Bank of India has also launched various programmes to help borrowers and boost liquidity, besides cutting interest rates to a record low.

Five Pillars for Self-Reliance<\/strong>
Last week, the government raised its gross market borrowing target for the current financial year to Rs 12 lakh crore from Rs 7.8 lakh crore estimated in the budget.

Self-reliance will prepare India for tough competition in the global supply chain, and it is important that the country should emerge victorious, he said. He said a selfreliant India will stand on five pillars — the economy, infrastructure, system, demography and demand.

India’s nationwide lockdown<\/a> began on March 25 and is scheduled to stay in place until May 17, although there have been some relaxations since May 4. Modi said the government will provide details about the next phase, or Lockdown 4.0, before May 18. The contours of this will be different from those seen so far and new rules will be framed on the basis of recommendations by the states. Modi had held a video-conference with chief ministers on Monday.

“Several experts and scientists have said that the virus is going to be a part of our lives for a long time,” he said. “But it is also important to ensure that our life does not revolve only around it. People should work toward their targets while taking precautions such as wearing masks and maintaining physical distance.”