PM Narendra Modi on Tuesday listed 5 essential things which will build a stronger front to reduce the immediate effects of the Coronavirus pandemic across the country and will help in accelerating the course of growth.
He listed these five things in his speech primarily dealing with the Indian economy and the toll it has been taking since the outbreak of Coronavirus. It was also his first speech on the Indian economy since Unlock 1.0. “To bring India on the path of rapid development again, five things are very important to build a self-reliant India – Intent, Inclusion, Investment, Infrastructure and Innovation,” he said. “You will get a glimpse of all these in the bold decisions we have taken recently,” the PM added.
The PM stated these via a video conference through which he delivered an inaugural address at the CII Annual Session 2020. He congratulated the organization for completion of 125 years and also mentioned how restoring the country’s economy to normal is one of the topmost priorities of the government.
“For us, reforms are not any random or scattered decisions. For us, reforms are a systemic, planned, integrated, inter-connected and futuristic process. For us, reforms mean having the courage to make decisions and taking them to a logical conclusion,” the PM added.
The Indian government has proposed a package of Rs. 20 lakh crore along with some reforms in policies, to help the citizens overcome the COVID-19 pandemic and cope up with multiple phases of the lockdown.
On Saturday, detailed information regarding the first phase of the three-phased plan; Unlock 1.0 was released by the Central Government. Following which, on Monday the Union Cabinet approved the detailed definition of micro, small and medium enterprises (MSME) and settled the procedure of the Rs. 20 lakh crore funds for the respective units and Rs. 50,000 crore funds to improve the growth of these sectors.
These decisions will have an immediate impact on many companies helping them to lessen the economic tightness and financial tension. The revised definition of the MSME majorly explained the Rs. 20 lakh crore package for the self-reliant India (Atmanirbhar Bharat) initiative first announced on May 13th, 2020.
