Page 10 - Plastics News May 2020

The 'Atmanirbhar' Mission Ranks Among Biggest In World
India's stimulus about 10 per cent of India's GDP in
2019-20 in dollar terms is higher than the GDP of
149 countries and would rank only behind Japan,
the US, Sweden, Australia and Germany.
Amidst the global pandemic COVID 2019 Prime
Minister once again addressed the nation expressing
his concerns over the economy and further assured all
the needed actions to be taken announcing a
stimulus that would help boost the MSME's and help
revive the economy . He also emphasized on his
mission 'Atma Nirbhar' i.e. making a Self-reliant
country.
Addressing the nation earlier this month he said, “If
we are determined then we can reach our goals and
no path will be difficult. And today there is a will and
there is a way. That is to make India self-reliant. Our
combined resolve is so strong that India can become
self-sufficient. Friends, this magnificent building of
self-reliant India will stand on five Pillars. First Pillar
is Economy, an economy that brings Quantum Jump
rather than Incremental change. Second Pillar is
Infrastructure, an infrastructure that became the
identity of modern India. Third Pillar is Our System. A
system that is driven by technology which canfulfill
the dreams of the 21st century; a system not based on
the policy of the past century. Fourth Pillar is Our
Demography. Our Vibrant Demography is our strength
in the world's largest democracy, our source of energy
for self-reliant India. The fifth pillar is Demand. The
cycle of demand and supply chain in our economy, is
the strength that needs to be harnessed to its full
potential. In order to increase demand in the country
and to meet this demand, every stake-holder in our
supply chain needs to be empowered. We will
strengthen our supply chain, our supply system built
up with the smell of the soil and the sweat of our
labourers.”
MAY 2020 10
Prime Minister Narendra Modi's pledge of a total
spendispending of Rs 20 lakh crore to weather the
fallout of coronavirus pandemic is among the largest
economic stimulus package announced by nations
around the world. Modi's Atma-nirbhar Bharat Abhiyan
or Self-reliant India Mission is about 10 per cent of
India's GDP in 2019-20 and would rank behind Japan,
the US, Sweden, Australia and Germany.-
Though many claims this to be a too little and too less a
package given the country like ours and there needs to
be a system in place for its implementation. Also unlike
the most relief packages announced globally, Rs 20
lakh crore is not entirely in new spending and includes
Rs 1.7 lakh crore package the government had
announced in March as well as the steps taken by the
Reserve Bank of India (RBI) such as liquidity
enhancing measures and interest rate cuts. With
global lockdowns imposed to check spread of COVID-
19 causing economic turmoil that is touted to be worst
since the 1930s, nations around the world have
announced what came to be known as 'coronavirus
stimulus packages'.
The US has committed to the largest rescue package
by any country in pure dollar terms of USD 2.7 trillion
but as percentage of GDP it trails behind Japan,
according to data compiled by economist Ceyhun
Elgin in the COVID-19 Economic Stimulus Index
(CESI). Japan has announced a package equivalent to
21.1 per cent of its GDP. It has outlined USD 1.1 trillion
recovery package and plans for further spending. . The
US measures work out at an estimated 13 per cent of
GDP. It is followed by Sweden with a stimulus equal to
12 per cent of its GDP and Australia (10.8 per cent).
Germany has announced a spending of around USD
815 billion, equal to 10.7 per cent of its GDP. Italy,
which endured devastating coronavirus outbreak, has
announced an Euro 750billion (around USD 815
billion) package.
In Europe, Spain and Italy have endured devastating
coronavirus outbreaks, the size of stimulus packages
are estimated to be 7.3 per cent and 5.7 per cent of
GDP, respectively. France announced a package equal
to 9.3 per cent of its GDP.
India's Rs 20 lakh crore package equals to USD 265
billion. In March, India committed Rs 1.7 lakh crore
(USD 22.6 billion) in COVID-19 related relief measures
that included free foodgrains to poor and some cash
to poor senior citizens and women. This was followed
by Rs 3.7 lakh crore of liquidity support by the RBI in
March and another Rs 2 lakh crore in April. The RBI had
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