The Prime Minister had announced that the fourth phase of lockdown will be completely redesigned with new rules and will begin from May 18.
While launching the World Economic Situation and Prospect (WESP) report update on Wednesday, Chief of the Global Economic Monitoring Branch Hamid Rashid told reporters in response to a question that the stimulus package announced by the Indian government on Tuesday "is a very welcome development".
Calling it "Atmanirbhar Bharat Abhiyan", Modi stressed on the importance of promoting the local products. The announcements made by the government on Covid-19, decisions of RBI and today's package totals to Rs 20 lakh crore. The country has always been aspiring for an economy that brings quantum jump rather than incremental change.
"We haven't seen or heard about this kind of world crisis".
On Modi's new mantra "Vocal for Local", the regional social media platform ShareChat's public policy director Berges Malu said there was no place better than India to be vocal about local, as this century would be India's, with dominance in the global digital economy. Indian President Narendra Modi is expected to announce that the new extension will last until May 31.
"The special package will focus on land, labour, liquidity and laws besides helping small businesses, migrant labour and farmers". India believes in "vasudhaiva kutumbakam", "world is one family". This is an unprecedented crisis. He has directed us to give information on this. "We will fight and move forward", he added. "I thank Modi ji for this", said Shah. Also, self-reliance will protect some parts of the country's domestic supply chains. "This has been kept in mind while preparing the package". The distinction between manufacturing and service sector has also been eliminated. "The fiscal boost has come at an opportune time for India as valuations are cheap". However, now it has a daily production of two lakh PPEs and N95 masks each.
Asserting that India has the resources and talents, Modi recollected the Gujarat natural disaster damage.
Modi said "we can not let our lives revolve around" Coronavirus even if it is going to be with us for a long time.
The UN has slashed India's projected growth rate to 1.2 per cent in 2020, a further deterioration from the already slowed growth of 4.1 per cent in 2019.