From Rs 20 lakh crore economic stimulus to Lockdown 4.0: Key highlights from PM Modi's speech

In his fifth address to the nation in the wake of the ongoing COVID-19 crisis, Prime Minister Narendra Modi announced a special economic relief package in order to boost the dwindling economy.

With a motive to make India self-reliant in the battle against the novel coronavirus, Prime Minister Narendra Modi on Tuesday, May 12, announced a special economic relief package amounting to Rs 20 lakh crore. Along with allocating a massive stimulus fund, PM Modi also confirmed that the ongoing nationwide lockdown will be extended beyond May 17.

"Today, I am going to announce a special economic package which will play an important role in the 'Atmanirbhar Bharat Abhiyan'. The various announcements made by the Centre regarding COVID-19 and the decisions of the RBI combined with today's financial package come to about Rs 20 lakh crore, almost 10% of the country's GDP," said PM Modi, as he addressed the nation for the fifth time since the COVID-19 crisis struck.

"20 lakh in 2020"

Stating that the latest economic package is for laborers and farmers who are working round the clock for their countrymen, PM Modi said that it will provide a much-needed boost to the country's economy.

Devised to support various sectors including MSME and agriculture which employ millions of workers, the mega stimulus will have a special focus on the poor, migrants, laborers, fishermen, etc. "This financial assistance is for the middle class of our country, which pays taxes honestly and contributes to the development of the country," said PM Modi.

The details of the financial package will be divulged by the Union Finance Minister Nirmala Sitharaman.

PM Modi appeals to citizens to embrace local products

Advocating self-reliance, PM Modi highlighted that India has come a long way since the beginning of the novel coronavirus pandemic. Further, he urged his countrymen to opt for local products instead of running behind global brands.

"Time has taught us that we must make 'local' the mantra of our lives. We must not just purchase local products but also promote them globally. That is why It is important that every Indian must go vocal about local," he said, adding that it is the need of the hour for India to play a significant role in the global supply chain.

Lockdown 4.0 from May 18

PM Modi also intimated that the nationwide lockdown will see yet another extension as India's COVID-19 case count ceases to slow down. The ongoing third phase of the coronavirus lockdown will end on May 17.

However, he did not reveal any further details but said that lockdown 4.0 will have a completely new set of rules and guidelines that will be communicated by the Ministry of Home Affairs (MHA) in the days to come.

"Scientists have made it clear that the coronavirus will be a part of our lives for long. But we can't let our lives remain confined. We will wear masks and maintain social distancing but we will not let it affect us. Therefore, based on the suggestions by states, a fourth lockdown will be imposed with new rules," said PM Modi.

Coronavirus India update

The number of COVID-19 cases has witnessed an exponential rise over the last couple of weeks in the country as over 71,000 people have contracted the China-originated virus thus far.