Prime Minister Narendra on Tuesday announced a special economic package of Rs 20 lakh crore for the country to become ‘self-reliant’ and deal with the COVID-19 pandemic.

“I announce a special economic package today. This will play an important role in the ‘Atmanirbhar Bharat Abhiyan.’ The previous announcements made by the government over COVID-19, decisions of RBI and today’s package totals to Rs 20 lakh crore. This is 10 per cent of India’s GDP,” said Modi in his 5th address to the nation.

“The Special economic package will have emphasis on land, labour, liquidity and laws. This economic package is for our labourers, farmers, honest tax payers, MSMEs and cottage industry,” PM Modi said.

Starting Wednesday, Finance Minister Nirmala Sitharaman will announce details of the special economic package, Modi said.

Speaking about the severity of the coronavirus pandemic, Prime Minister said that humanity would not accept defeat from the coronavirus but the people have to stay safe and move forward.

“We had never seen or heard about such a crisis ever before. This is definitely unimaginable for mankind. It is unprecedented. But humanity will not accept defeat from this virus. We have to not only protect ourselves but also move forward,” he said.

Talking about the gravity of the virus, Modi said: “It has been four months the world is fighting COVID-19. More than 42 lakh people from different countries have been infected by COVID-19. More than 2.75 lakh people have lost their lives due to the virus. In India too many families have lost their dear ones, I express my condolences to them.”

“Today when the entire world is in crisis, we will have to further firm our resolve,” he added.

The Prime Minister on Monday held a video conference meeting with Chief Ministers of all states to discuss the road ahead in India’s fight against COVID-19 and noted that he was of the firm view that measures needed during the third phase of lockdown will not be needed in the fourth phase.

Prime Minister Modi had said the need was to reduce the transmission rate of the disease and to increase public activity gradually while adhering to all the guidelines and efforts to be made towards achieving both these objectives.

The phase three of the lockdown is coming to an end on May 17.