While addressing the nation on 12th May, , 2020, Prime Minister of India announced an “Atmanirbhar Bharat Abhiyan” worth Rs 20 lakh crores($265 billion) to tide over the economic downturn induced by the coronavirus crisis and emphasised on the need for India to become “self-reliant” as the pandemic sweeps across the world, paralysing economies in its wake.
Self-Reliant India Mission
The mission is aimed towards cutting down import dependence by focussing on substitution while improving safety compliance and quality goods to gain global market share.
Five Pillars of Self-Reliant India
Atmanirbhar Bharat Economic Stimulus Package
The package, taken together with earlier announcements by the government during COVID crisis and decisions taken by RBI, is to the tune of Rs 20 lakh crore, which is equivalent to almost 10% of India’s GDP. It will provide a much-needed boost towards achieving ‘Atmanirbhar Bharat’.
Key Points
COVID-19 Stimulus Packages Around the World
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Reforms Towards Self-reliance
Impact of Atmanirbhar Bharat Abhiyan
Criticism
Way Forward