Veteran Bollywood director Shekhar Kapur took to Twitter on Wednesday and voiced his support of Prime Minister Narendra Modi's new economic package for India's growth. He contextualised the move announced by PM Modi in his address on Tuesday evening to the rise of industrial empires in other countries after World War II. He shared that aggressive economies have proven successful in the past and that the Rs 20 lakh crore stimulus could do wonders for India as well.
Amazing rise of industrial empires of Japan and Germany out of absolute chaos/destruction of 2nd world war (including nuclear devastation) showed— Shekhar Kapur (@shekharkapur) May 13, 2020
aggressive economics and stimulus can indeed spurt economic growth.
Full marks PM @narendramodi for #20lakhcrore stimulus for India
In a big push to revive the Coronavirus-hit economy, Prime Minister Narendra Modi on Tuesday announced a massive new financial incentive on top of the previously announced packages for a combined stimulus of Rs 20 lakh crore, saying the COVID-19 crisis has provided India with an opportunity to become self-reliant and emerge as the best in the world.
Apart from the Reserve Bank of India (RBI) assistance, the government had last month announced a Rs 1.74 lakh crore package to provide benefits to the poor, including cash transfers, Rs 50 lakh insurance cover and steps to ensure food security. In a televised address to the nation, the Prime Minister also hinted towards a fourth phase of the lockdown stating that it will be very different from the earlier three phases. The third phase of the 54-day lockdown is scheduled to end on May 17.
About the financial package, the Prime Minister said it will be around 10% of the GDP and "will play an important role in the Atmanirbhar Bharat Abhiyan' (self-reliant India campaign), adding that the "announcements made by the government so far, the decisions of the RBI and today's package totals to Rs 20 lakh crores".
The special economic package will have an emphasis on land, labour, liquidity and laws, and will be for "our labourers, farmers, honest taxpayers, MSMEs and cottage industry", PM Modi said.
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