Union Finance Minister Nirmala Sitharaman will unveil details of the bumper economic package, announced by Prime Minister Narendra Modi yesterday, at 4 pm today.
Last night, in an address to the nation, PM Modi said 10% of GDP, a whopping Rs. 20 lakh crore, has been set aside for the beleaguered economy.
This aid will help India become self-reliant, he claimed.
Vocal about local: Modi's new mantra after announcing aid
Much like other nations, India's economy too has been brought to a standstill by the coronavirus pandemic.
Businesses are shut, industries closed, and unemployment has reached worrisome heights. Giving a ray of hope during these times, PM Modi said India knows how to step up during a challenge.
He said now was the time to get vocal about local, and help home-grown businesses.
Land, Labor, Liquidity, and Laws have been emphasized: PM Modi
"This package will give new impetus to the development journey of the country in 2020 and a new direction to the self-reliant India campaign. In order to prove the resolve of a self-reliant India, Land, Labor, Liquidity, and Laws all have been emphasized," he said.
Sensex opened higher today after PM Modi's announcement
PM Modi's announcement brought joy to markets and numbers reflected the same. At 9:15 pm, the S&P BSE Sensex was trading 1,214.15 points higher at 32,585.27, a 3.87% jump from the earlier day's tally. And broader Nifty 50 was trading at 9,544.30, an increase of 347.75 points, or approximately 3.78%.
This package includes the Rs 1.7 lakh crore package announced by Sitharaman earlier.
Self-reliant India doesn't mean isolationism: Sitharaman
Yesterday, Sitharaman said self-reliant India doesn't mean "isolationism or becoming exclusionist".
"We'll build capacities, skill people, and compete globally acquiring strengths. The Aatma Nirbha Abhiyaan will include everyone — a hawker/street vendor, a trader, an MSME, an honest tax-paying middle class, a manufacturer, etc. This shall not be just financial package, but reform stimulus, a mindset overhaul, and thrust in governance," she added.