Finance Minister Nirmala Sitharaman said on Tuesday that India’s economy has acquired strength in recent years and it can engage confidently with the world now.
“Indian economy has acquired strength in its various dimensions. Now, we can confidently engage with the world. We aim at overall transformation & not incremental changes. We shall convert the pandemic challenge into an opportunity. #AatmanirbharBharat will integrate not isolate,” she said on Twitter after Prime Minister Narendra Modi’s address to the nation.
In an earlier tweet, she had said, “After a devastating earthquake in 2001, Kutch was built, thanks to the undaunted spirit & dedication of its people. Recalling that experience PM @narendramodi felt that people of India will lead the #AatmanirbharBharat Abhiyan.”
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Sitharaman took forward the views expressed by PM Modi in his address to the nation. In his address, PM Modi announced a Rs 20 lakh crore financial package, underscored the need for the country to be self-reliant and also asked people to ensure that our lives do not revolve around the disease as they have been for the last 50-odd days. He also said that India’s economy needs transformation and not incremental changes.
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“India’s self-reliance will be based on five pillars – economy, infrastructure, technology driven system, vibrant demography and demand,” said the Prime Minister.
Though he announced a financial package for various sectors to tide over the coronavirus crisis, PM Modi left the details of the package to be announced by Sitharaman in the next few days.
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He, however, said that the package will focus on small industries and MSMEs which are the hardest hit sectors due to the lockdown. The financial package, said the Prime Minister, is equivalent to 10 per cent of India’s Gross Domestic Product or GDP.
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The finance minister announced a stimulus package worth Rs 1.70 lakh crore for the poor and vulnerable sections of the society in March, just after PM Modi announced the imposition of a nationwide lockdown to check the spread of the coronavirus disease Covid-19.