Atma Nirbhar in English means SELF RELIANT. And this we all have learned as our life lessons at some point in time. India’s most liked Prime Minister NARENDRA MODI came live on Tuesday- May 12, 2020, at 8 pm in the evening. He gave the message of becoming ‘Atma Nirbhar’ in this worst time of Corona Virus Rife. He gave the speech of 30 minutes to the citizens of India. PM Modi announced a financial package to help out farmers, laborers, middle-class citizens, and also the big industries and business. So basically, this package is for all the types of citizens/ Indians. He announced the package worth Rs. 20 Lakh Crores. Or it can also be said as 10% of India’s Gross Domestic Product (GDP) of 2019-20.
He told that in the upcoming days, the government will give details of the financial package to the citizens. When he was addressing the nation, he stressed on using ‘local’ products and promoting the products which are made in India and use them. He also talked about the MAKE IN INDIA project. And by this, he means to be Atma Nirbhar – Self Reliant India Mission.
Is the Package completely New?
No, the economic package, announced by PM of 20 Lakh Crore is not entirely new. He specifically told that however the package of 20 lakh crore also includes the bits of help which government has already announced. And it also includes the steps taken by Reserve Bank of India in the past. So this clearly means that the government helps in the past and the steps taken by RBI in the past when there was no COVID-19, the total, spent before was less than 20 lakh crore.
Since the Corona Virus Rife came in India, rough guessing shows that Reserve Bank Of India’s decisions has provided additional liquidity of 5-6 lakh Crores. Adding this additional liquidity to the first relief package announced on March 26. So however the two totally get 40% of the package of 20 lakh crore. And leaves before the amount of Rs. 12 lakh crore.
The actual spending by the government now will be lower than Rs 12 lakh crore, if the government includes the Reserve Bank Of India’s additional liquidity decisions. That’s because Reserve Bank Of India has been coming out with long term bond-buying operations (long term repo operation or LTRO to infuse liquidity into the banking system) worth Rs 1 lakh crore at a time. Although if Reserve Bank Of India comes up with another LTRO worth Rs 1 lakh crore. Then the overall fiscal help falls by the same amount.
Prime Minister Narendra Modi says while addressing the nation,” To achieve Self-reliance, the economic package focuses on land, labor, liquidity, and laws. The economic package will help cottage industries, home industry, small scale industries, MSMEs, which are the means of livelihood for crores of people. This package is also for farmers, who toil in different weather conditions. And for the middle-class people who pay their taxes on time”.