Why in news?
Prime Minister Narendra Modi announced a Rs 20 lakh crore economic package due to the “unprecedented crises” caused by the novel coronavirus. This is 10 per cent of India’s GDP.
Details of Aatmanirbhar Bharat
The New Deal for Aatmanirbhar Bharat – a resilient India, comprises of around 10% of India’s grade domestic product (GDP) and will focus on land, labour, liquidity and laws.
It accounts for almost a full year of India’s gross tax revenue and includes the monetary easing announced by the Reserve Bank of India.
Self-reliant strategy will depend on five pillars—-.
- growing a new economy,
- creating a state-of-the-art infrastructure,
- setting up a technology-based delivery system,
- leveraging the young demography and
- by exploiting domestic demand
The new package is not aimed through a trickle down approach but looks to empowers everyone with a focus on labour, hawkers, street vendors among others who tend to get neglected.
The world is convinced that we can contribute for the betterment of humankind: PM Modi
From globalised capital to globalisation of human capital.
For us, our ethos is Vasudhaiva Kutumbakam. Our definition of self reliance is about including everyone, who believe the earth as mother.
When such a country becomes self reliant, then the prosperity and happiness of the world is included in it.
The aims and works of India have an impact on the prosperity of the world. When we end open defecation, it impacts the world.
Our fight against TB, polio also impacts the world. When we send out medicines that we produce here it impacts the world. The world is convinced that we can contribute for the betterment of humankind.
What we have achieved in this big crisis?
This big crisis carries with it a message, and an opportunity.
For example: when this crisis first hit us we did not produce a single PPE kit nor N95 masks . Now we have reached a stage where we produce 2.5lakh PPE and 2.5lakh N95 masks a day. The definition of self reliance is changing in the world.
PM has earlier said that India must leverage the opportunities that arise in the Post COVID era and “we must all plan for the new world reality.”