"Not Just A Financial Package, But Reform Stimulus": Nirmala Sitharaman

Finance Minister Nirmala Sitharaman, in a series of tweets on the Rs 20 lakh crore package announced by Prime Minister Narendra Modi to tackle the economic impact of coronavirus, called it not just a financial package but a "reform stimulus and a mindset overhaul".

In a televised address to the nation on Tuesday evening, PM Modi announced Rs 20 lakh crore - worth 10 per cent of India's GDP -- in fiscal and monetary measures to support an economy badly hit by weeks of lockdown to fight the spread of COVID-19.

He called it a step in the "Aatma Nirbhar Bharat" or self-reliant India mission, and said the package would focus on land, labour, liquidity and laws.

The Finance Minister would share details of the package in the coming days, said the Prime Minister.

She tweeted soon after.

"A special economic package is being announced - for an Atma Nirbhar Bharat Abhiyan with nearly 10% of a GDP (approx Rs 20 lakh) getting committed. MSMEs and the honest middle class help build a #selfreliant India, says @PMOIndia @narendramodi

Sorry everybody for the typo: please read as Rs 20 lakh crore. https://t.co/w3x6p59ifl

— Nirmala Sitharaman (@nsitharaman) May 12, 2020

Indian economy has acquired strength in its various dimensions. Now, we can confidently engage with the world. We aim at overall transformation & not incremental changes. We shall convert the pandemic challenge into an opportunity. #AatmanirbharBharat will integrate not isolate.

Indian economy has acquired strength in its various dimensions. Now, we can confidently engage with the world. We aim at overall transformation & not incremental changes. We shall convert the pandemic challenge into an opportunity. #AatmanirbharBharat will integrate not isolate.

— Nirmala Sitharaman (@nsitharaman) May 12, 2020

"#AatmanirbharBharat Abhiyan to include everyone-a hawker/street vendor, a trader, a MSME, an honest tax paying middle class,a manufacturer etc. This shall not be just a financial package, but a reform stimulus, a mindset overhaul, and a thrust in governance," Ms Sitharaman posted.

@PMOIndia's vision:#AatmanirbharBharat Abhiyan to include everyone-a hawker/street vendor, a trader, a MSME, an honest tax paying middle class,a manufacturer etc. This shall not be just a financial package, but a reform stimulus, a mindset overhaul, and a thrust in governance.

— Nirmala Sitharaman (@nsitharaman) May 12, 2020

Self-reliant India "does not imply isolationism or becoming exclusionist," she posted.

"We'll build capacities, skill people and compete globally acquiring strengths. We'll build the #Local. After all, every global brand began with their #Local strength."

She also referred to PM Modi's example of Kutch in Gujarat recovering from a devastating earthquake in 2001. "Kutch was built, thanks to the undaunted spirit & dedication of its people. Recalling that experience PM @narendramodi felt that people of India will lead the #AatmanirbharBharat Abhiyan," said Ms Sitharaman.